Upbit parent Dunamu’s profit fell 81% in Q3
Dunamu, the owner of Upbit – one of South Korea's largest crypto exchanges by trade – reported an 81.6% drop in net profit in the third quarter of 2023 compared to the same period last year.
The company reported 159.9 billion Korean won (KRW) in net profit of $123 million in Q3 2022. However, on November 28, the company could generate only 29.5 billion KRW in the third quarter of this year, which is about 23 million dollars. This resulted in an 81% drop in the company's net profit.
The firm cited a “cold investment market” due to the economic downturn as the reason it was put up for sale. In addition, Dunamu reported a decline in net profit compared to the previous quarter due to lower prices of virtual assets.
However, Dunamu believes that the expansion of blockchain services will be a key driving force to overcome the bear market. Dunamu's spokesperson said in the report that they will continue to strengthen their efforts to stimulate the blockchain ecosystem and create a better investment environment based on their technological capabilities.
Related: Bithumb plans to become first crypto exchange listed on Korean stock market: Report
In addition to the earnings, the company reported that hackers targeted their crypto exchange, Upbit, 159,000 times in the first half of 2023. On October 9, South Korea's Yonhap news agency reported a 117% increase in hacking. In the year Tests in 2023 compared to the first half of 2022. Despite an increase in hacking attempts, the exchange has not reported any breaches since a $50-million exploit in 2019.
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