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CRYPTOCURRENCIES (Tables)
 12 Months Ended
Dec. 31, 2023
CRYPTOCURRENCIES [Abstract]  
Group's Cryptocurrencies

As of December 31, 2023 and 2022, the Group’s cryptocurrencies consist of the following:
 
   
At December 31,
  
In thousands of USD
  
2023
    
2022
  
Cryptocurrencies other than USDC
    
15,336
      
2,086
  
USDC
    
35
      
89
  
Total cryptocurrencies
    
15,371
      
2,175
  
Details of Cryptocurrencies

The details of cryptocurrencies are as follows:
   
At December 31,
  
In thousands of USD
  
2023
    
2022
    
2021
  
Cost:
                  
Beginning balances
    
2,179
      
6,697
      
9,656
  
Additions
    
310,265
      
865,333
      
655,028
  
Cryptocurrencies paid on behalf of related parties (1)
    
-
      
-
      
(24,852
)
Disposals
    
(297,067
)
    
(569,854
)
    
(562,894
)
Loan to a third party(2)
    
-
      
-
      
(10,222
)
Purchase of cryptocurrency-denoted wealth management product from a related party(4)
    
-
      
(149,972
)
    
(30,004
)
Loan to a related party(3)
    
-
      
(150,025
)
    
(30,015
)
Ending balances
    
15,377
      
2,179
      
6,697
  
Impairment:
                        
Beginning balances
    
(4
)
    
(510
)
    
(74
)
Additions
    
(2
)
    
-
      
(436
)
Disposals
    
-
      
506
      
-
  
Ending balances
    
(6
)
    
(4
)
    
(510
)
Net book value:
                        
Beginning balances
    
2,175
      
6,187
      
9,582
  
Ending balances
    
15,371
      
2,175
      
6,187
  
 

The supplemental information of cryptocurrencies other than USDC is as follows:

   
At December 31,
  
In thousands of USD
  
2023
    
2022
    
2021
  
Cost:
                  
Beginning balances
    
2,090
      
6,598
      
9,601
  
Additions
    
302,621
      
586,117
      
575,730
  
Cryptocurrencies other than USDC paid on behalf of related parties (1)
    
-
      
-
      
(24,852
)
Disposals
    
(289,369
)
    
(425,649
)
    
(513,655
)
Loan to a third party (2)
    
-
      
-
      
(10,222
)
Purchase of cryptocurrency-denoted wealth management product from a related party(4)
    
-
      
(149,972
)
    
(30,004
)
Loan to a related party (3)
    
-
      
(15,004
)
    
-
  
Ending balances
    
15,342
      
2,090
      
6,598
  
Impairment:
                        
Beginning balances
    
(4
)
    
(510
)
    
(74
)
Additions
    
(2
)
    
-
      
(436
)
Disposals
    
-
      
506
      
-
  
Ending balances
    
(6
)
    
(4
)
    
(510
)
Net book value:
                        
Beginning balances
    
2,086
      
6,088
      
9,527
  
Ending balances
    
15,336
      
2,086
      
6,088
  
 
(1)
Cryptocurrencies or cryptocurrencies other than USDC paid on behalf of related parties represent the net effect of cryptocurrencies or cryptocurrencies other than USDC transferred through the wallets held by the Group relating to transactions arising from Bitmain and BTC’s businesses during the Carve-out Period.

(2)
Represent an unsecured, interest-free cryptocurrency loan the Group made to a third party. The lending was collected in full as of December 31, 2021. The Group recorded approximately US$3,735,000 loss on change in fair value of cryptocurrency-settled receivable for the year ended December 31, 2021.

(3)
Represent cryptocurrency loans made to the Matrixport Group, a related party. All loans were fully collected as of December 31, 2022 and 2021 and the collections are included in the additions of cryptocurrencies above. Also see Note 20.

(4)
Represent cryptocurrency-denoted wealth management products purchased from the Matrixport Group, a related party. All such wealth management products were fully redeemed as of December 31, 2022 and 2021, respectively, and the redemptions are included in the additions of cryptocurrencies above during the respective periods. Also see Note 20.