South Korea’s four major cryptocurrency exchanges posted combined losses of about 500 billion won ($361 million) in the first half, as lower trading volumes and falling coin prices weakened both earnings and asset values. Upbit operator Dunamu recorded 108.4 billion won in consolidated net profit but a 362.3 billion won comprehensive loss after 470.7 billion won in other comprehensive income losses. Its digital-asset holdings fell in book value to 1.64 trillion won at the end of June from 2.3326 trillion won at the end of last year, producing a 687.8 billion won revaluation decline. Bithumb posted a 108.7 billion won net loss as revenue fell 48.7% to 168.8 billion won and operating profit dropped 83.4% to 14.9 billion won. Coinone was estimated to have lost about 20 billion won and DigitalX, formerly Korbit, more than 10 billion won. A rebound in Bitcoin prices, recovering trading values and expanding zero-fee promotions may support second-half results, although the exchanges’ differing accounting methods make comparisons difficult.