According to a recent report by Yonhap, South Korea’s largest crypto exchange has seen their profits soar $100 million in the third quarter of 2018, even as the market continues to decrease and their is continued resistance to crypto trading.
This information became available through the Repository of Korea’s Corporate Filings (DART) which was obtained by Yonhap, UpBit saw a startling profit increase of $100 million while South Korea’s second largest cryptocurrency exchange Bithumb saw a meager profit increase of only $39 million.
Bithumb’s profit significantly shrunk from $400 million to $39 million, according to CCN. As we recently reported Bithumb was involved in a hack of $30 million (USD), for which the company reimbursed investors with their own profits.
Upbit was suspected of fraud in May resulting in many high level members of the organization being arrested and questioned, but it was revealed that the investigators did not understand share liquidity with other exchanges. Upbit was cleared of all charges and passed an audit in early August. However, a recent KISA analysis revealed that a number of Korean exchanges seem irresponsible with passwords and private keys, making them vulnerable to hacks or security breaches.