Those missing cryptocurrency tokens have cost Byte Power millions
It has been a tough six months for crypto exchange wannabe Byte Power Group — and its half-year result released today reveals the extent of the damage is more than $8 million.
Byte Power (ASX:BPG) – currently facing investigation by ASIC – reported a half-year loss of $8.1 million — a substantial drop from the $1.4 million profit recorded in the same period last year.
In large part, the deficit is down to the loss of $6.7 million in tokens from Byte Power’s former crypto exchange developer SoarLabs, which they intend to fight in court.
A new developer, Noetic, is now in charge of getting the Brisbane-based crypto exchange on its feet.
As recently as last month, BPG told investors it was still on track to launch the crypto exchange in April — but time is ticking.
If its results are anything to go by, the company could be better off sticking to its legacy Wine Power business of wine exports.
That segment contributed 99.8 per cent of total revenue for the year at $1.1 million, more than doubling previous sales thanks to increasing demand leading up to Chinese New Year.
“The Company maintains a positive outlook as the Group continues to focus on opportunities through its partnership with Wimobilize Singapore Pte Ltd, on its cryptocurrency exchange development through its subsidiary, Byte Power Pty Ltd and through the wine distribution businesses in Asia, particularly with its 8 Eagles range,” the company said.
The shares last traded at 0.9c on December 22.