Belfrics Group Continues Corporate Operations in Spite of Crypto Market Turmoil - Seite 2

Belfrics Group Security
According to a Web3 Quarterly Security Report for Q2 2022 by US cybersecurity firm, CertiK, the second quarter of 2022 saw over $870 million lost to web3 hacks and breaches. The total amount of money lost to hacks and breaches of web3 platforms has crossed $2 billion in the first half of 2022 — thus exceeding the total volume of breaches seen globally in 2021. Belfrics’ end-to-end Belrium identification process is a strong measure to prevent financial client and market abuses. Belrium serves as a decentralized infrastructure for KYC verifications, which will provide the key assistance in the verification and identification process or the originator and beneficiary of the transactions involved in further eliminating the risk of identifying the destination and the source of the funds that was received or sent by the client.

In January 2022, Belfrics obtained an exclusive license for the XOTIC (XOR Transient Intelligent Cipher) cryptographic system from Software Research Labs LLC to enhance the security of our blockchain. Belfrics utilizes Coincover’s Consumer Protect technology to help safeguard its client’s crypto assets. We believe these measures, along with our own internal control procedures, offer Belfrics' customers the highest security protocols and make us one of the safest cryptocurrency exchanges in the markets we serve.

Results of Operations and Expectations
As Belfrics Group continues to execute on its plan for long-term growth, investors should expect a decline in fourth quarter revenues as a result of industry conditions and lack of access to capital for expansion. In spite of the global cryptocurrency industry slowdown, Belfrics Group expects to announce the achievement of several milestones this quarter. As of now 25 currencies are available for trading on Belfrics exchanges, which includes BTC, ETH, BEL, ADA, SOL, LTC, USDT, XRP, BCH, DASH, FTM, TRX, XLM, MATIC, SHIB, UNI, OMG, ZRX, LINK, USDC, PAXG, WBTC, DODGE, DAI, and DYDX.

For the first nine months of fiscal 2022 ending March 31, 2022, Belfrics’ total revenues were $5.24 million with a gross profit of $2.28 million. Life Clips’ total operating costs of $3.87 million for the nine months ended March 31, 2022 included higher professional fees, marketing expenses, and payroll expenses. Our upcoming fourth quarter results will reflect these increased expenses. This reiterates the commitment for growth Belfrics made to its customers, employees, and shareholders. Belfrics has continued to grow and maintain its employee base, while many of our larger competitors, who have raised significantly more capital, announced layoffs during the downturn in cryptocurrency.