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South Korea’s Crypto Moguls See Wealth In Free Fall On Industry Woes

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Dunamu cofounder Song Chi-hyung is no longer a billionaire while executive vice president Kim Hyoung-nyon drops off from the ranks of Korea's 50 richest.

. Its shares have since nearly halved with the company posting a net loss of 123.9 billion won last year after the crypto collapse.

The fall in fortunes highlights the country’s vulnerability to the volatile crypto market. Roughly a quarter of South Koreans had registered accounts with crypto exchanges as of June last year, according to the Financial Services Commission.

 

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