Cryptocurrency News
Tech giant Meitu loses over $43M of its crypto investment in bear market
2022.09.01 17:26
Tech giant Meitu loses over $43M of its crypto investment in bear market
Hong Kong tech giant Meitu made headlines in April last year after it reported nearly $100 million in crypto holdings. However, with the advent of the bear market, the tech firm has lost nearly half of the valuation of its crypto holdings.
According to a local media report, Meitu reported an impairment loss of over 300 million yuan, approximately $43.4 million, on their crypto holdings. An impairment loss is a loss in value of an asset when it falls below the carrying value of the investment.