Owner of South Korean Leading Exchange Upbit Sees 81% Fall in Q3 Net Profit
Crypto News

Owner of South Korean Leading Exchange Upbit Sees 81% Fall in Q3 Net Profit

2 Minuten
2 months ago

Dunamu, the parent company of Upbit, one of South Korea's prominent cryptocurrency exchanges, witnessed a substantial decrease in net profit.

Owner of South Korean Leading Exchange Upbit Sees 81% Fall in Q3 Net Profit
Dunamu, the parent company of Upbit, one of South Korea's prominent cryptocurrency exchanges, witnessed a substantial decrease in net profit during the third quarter of 2023 in comparison to the corresponding period last year. In Q3 2022, the company reported a net profit of 159.9 billion Korean won (KRW), equivalent to around $123 million. However, in this year's third quarter, Dunamu experienced a sharp decline in net profit to 29.5 billion KRW (approximately $23 million), marking an 81% reduction.

Dunamu attributed the decline in net profit to a sluggish investment market resulting from an economic downturn. The company also emphasized the impact of declining prices of virtual assets compared to Q3 last year.

Despite the challenging market conditions, Dunamu maintains an optimistic outlook for the future. The company believes that the widespread adoption of blockchain services will play a critical role in overcoming the ongoing bear market. A spokesperson from Dunamu expressed their dedication to revitalizing the blockchain ecosystem and establishing an advanced investment environment based on their technological expertise.

Alongside financial difficulties, Dunamu has encountered cybersecurity threats. Recently, the company disclosed that hackers targeted its crypto exchange, Upbit, a staggering 159,000 times in the first half of 2023. This represents a 117% increase in hacking attempts compared to the same period in 2022. However, Upbit has successfully averted any breaches since a $50-million exploit in 2019.

Let us know what you loved about this article, what could be improved, or share any other feedback by filling out this short form.

This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
1 person liked this article