First-quarter filings with South Korea’s Financial Supervisory Service show disposal losses and valuation declines on crypto held by Korean game companies as token prices fell.

Netmarble, a South Korean game publisher, nearly exited bitcoin and ether, ending the quarter with 0.01 BTC and 0.49 ETH. Net disposal loss of about 3.7 billion won (US$2.41 million).

Neowiz, a South Korean game developer and publisher, reported a net disposal loss of about 670 million won (US$436,000).

WeMade, a South Korean game developer with blockchain gaming initiatives, largely kept its holdings, with the book value of its bitcoin falling to 18 billion won (US$11.7 million) from 18.8 billion won (US$12.2 million).

NC, formerly known as NCSoft and based in South Korea, saw the book value of its SUI holdings fall to 15.6 billion won (US$10.1 million) from 24.6 billion won (US$16 million).

The losses come as Korean game companies that had invested in virtual assets for blockchain game ecosystems and portfolio diversification were hit by the market downturn.

🔗 Source: The Chosun Daily

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