Forced liquidations on Upbit top $3.3M in first half as coin lending expands

More than 4.6 billion won ($3.3 million) in forced liquidations occurred on South Korean exchange Upbit in the first half of this year, as domestic exchanges expand crypto lending businesses amid weaker fee income from sluggish trading, the Seoul Economic Daily reported. The report said there were 326 forced liquidations in total, or an average of 54 a month. The number rose to 78 in June from 30 in May, more than doubling, while the liquidation amount increased 78.3% to 972 million won ($700,000) from 545.16 million won ($393,000). The increase also appears to reflect Upbit’s sharp expansion in April of the user scope for its coin lending service, according to the report.