Crypto Crash Costs Meitu Millions! | Crypto

Crypto Crash Costs Meitu Millions!

-Meitu, a Hong Kong Tech firm, has lost almost half of its crypto holding valuation in the emergence of the bear market this year.

-The firm made headlines in April 2021 after reportedly buying about 100 million dollar worth of crypto holdings.

-A local media disclosed Meitus statement over its BTC holding. According to the report, the firm lost more than 300 million yuan, worth approximately $43,400 million, on crypto investments.

-Recall that Meitu disclosed its crypto holdings to be about 940 BTC and 31,000 ETH during a July exchange filing.

-The company said that the loss of the value of the crypto holdings would bring more drastic effects on its performance. As a result, it could lead to a net loss for the firm in its report for the years second quarter.

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