UPbit, the largest crypto exchange in South Korea, was the only exchange to record a profit in 2018. UPbit is operated by Dunamu, a company heavily invested in by Kakao—one of the most influential internet conglomerates in South Korea.
Every other major exchange recorded a substantial net loss, primarily due to the burst of the retail bubble in late 2017, which saw the price of Bitcoin plummet below $7,000 from highs of $20,000 within two months.
The conditions of the crypto market in South Korea was one of the catalysts of the bullish market from December 2017 to January 2018, during which volumes on many of the leading crypto exchanges surpassed the billion-dollar mark.
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