Hanwha Systems reports $1.4M loss on virtual asset holdings

Hanwha Systems has incurred a valuation loss of approximately 1.9 billion won ($1.4 million) on its virtual asset holdings, The Bell reported. The loss is attributed to the continued price decline of coins the company was allocated when it joined the Klaytn Governance Council around 2019 as part of its ICT business. According to the company's consolidated audit report, Hanwha Systems recognized a virtual asset valuation loss of 1.91 billion won last year alone. Consequently, the book value of its virtual assets fell sharply over the year from 2.17 billion won ($1.61 million) to 647 million won ($480,000).