Crypto Exchange Collects More Than 10 Billion Won in Fees Despite the Plunge in Prices.

Despite the plunge in Luna and Terra, the crypto exchange collected more than 10 billion won in fees.

According to data received by Yoon Young-deok (Democratic Party), a member of the National Policy Committee of the Korean National Assembly, from a joint consultative body of digital asset exchanges consisting of Gopax, Bithumb, Upbit, Korbit, and Coinone, the fees earned by the five major exchanges amounted to 8.6 billion won.
Representative Yoon Young-deok said, "Even when Terra-Luna fell 99.99% from its high point in a week and astronomical damage occurred, the exchange was only raising commission profits," adding, "We will closely examine why the transaction support end date (the delisting date) was 14 days different and how the delisting process works for each exchange."
However, the Upbit fee is the amount applied with BTC as of September 21, 22, so if you calculate BTC as of May 20, when the Luna transaction support was completed, it is about 9 billion won.
Therefore, the sum of fees earned by the five major domestic virtual asset exchanges at the time exceeds 10 billion won.
According to data submitted to Yoon Young-deok's office from Upbit on the 21st of last month, Upbit decided on May 31 shortly after the incident to use all fees incurred by the Luna-Tera incident to support investors, and went through four meetings through a separate advisory committee. However, Upbit only released a press release on the 30th of last month that it would establish a center for donation to public organizations and monitoring the digital asset market.
Representative Yoon said, "The exchange was making commission profits even when astronomical damage occurred as Terra-Luna fell 99.99% from its high point in a week," adding, "It is unfortunately coincidental that they announced how to return commission profits four months later, just ahead of the parliamentary audit."
Korbit said it would deliver the full amount to the Korea Legal Aid Corporation as a donation to support legal relief projects for victims of virtual asset investment.

The exchange was making commission profits even when astronomical damage occurred. The exchange was still able to make commission profits, even though there was such a big crash. It's a good thing that they decided to donate all of those profits to public organizations.