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In the past five years, we have accompanied our customers through multiple rounds of market cycles, and our original intention has never changed. We will continue to focus on providing industry-leading services: including security, compliance, and risk control. Trading, wealth management, hedging and asset management services.
We actually started as high-frequency trading in the first quarter of 2018 when the market industry plummeted. After generating a quarterly return of 30%, we got some media coverage, which also contributed to our business growth as a market neutral trader.
In the past five years, our trading business has always focused on market-making and trading with a market-neutral strategy, and we do not bet on the ups and downs of individual assets.
This allows us to profit from market fluctuations and chaos even in the downturn of the industry. Years of continuous profitability have helped us consolidate our strength and advantages and maintain normal operations in any market environment.
In the first half of 2022, we achieved a record high revenue of US$250 million, a year-on-year increase of over 25%. Even after the Luna/Three Arrows/lenders crashed and the credit markets deteriorated and the entire market went into turmoil, we remained profitable.
We provide clients with collateralized loans (including over-the-counter transactions, agency execution, structured products, etc.), accepting BTC and ETH as collateral. However, we have never ventured into the credit space and have no plans to do so in the future.
We do not have any exposure to Alameda Research and FTT. While similar to most traders, we have been active trading participants on FTX, we have significantly reduced our exposure over the past week, with only a few withdrawals still pending.
We have always strictly limited the risk exposure of a single trading venue, so the trading volume on FTX only accounts for less than 10% of our total trading capital, so it will not pose a threat to our business operations and liquidity.
We will continue to challenge ourselves to provide first-class service with the most stringent risk management standards. This is the unshakable commitment of the Amber Group and has only deepened in light of the current decline in trust in the industry.
We've taken a safety-first approach since day one, and we're proud of it. We are one of the few crypto companies to receive SOC 2 Type II compliance attestation, following our successful SOC 2 Type I certification earlier this year.
In June of this year, we also partnered with Lloyd's of London's Arch Syndicate 2012 and Munich Re to provide a $100 million insurance coverage plan for customers' wallet infrastructure, and plans to follow The development of our digital asset platform WhaleFin gradually expands insurance coverage.
We spend a quarter of our operating budget on network security. The white hat team led by the famous blockchain security expert Wu Jiazhi continues to cooperate with various projects to improve the security of smart contracts, picket loopholes, and prevent hacker attacks.
We can proudly say that we have not had a single safety incident in the past 5 years of operation.
In order to improve transparency, we cooperate with the credit oracle platform Credora to share our financial status in real time without revealing private/sensitive information. We also work with a Big Four accounting firm to conduct a full financial audit.
At the same time, we have continued to optimize our balance sheet over the past year by increasing equity capital while repaying borrowings to reduce our debt/equity ratio and minimize our reliance on external credit markets.
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