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 Dunamu reported a net profit of $23 million in the third quarter of 2023, a steep drop compared to the $123 million it earned in Q3 2022.
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<div class="cointelegraph">
 Dunamu, the owner of Upbit, one of South Korea’s biggest crypto exchanges by trading volume, saw a drop of 81.6% in net <a rel="noopener noreferrer nofollow" title="profit" href="https://thebittimes.com/tag/profit.html">profit</a> in the third quarter of 2023 compared to the same period last year.&nbsp;
 The company&nbsp;reported&nbsp;a net <a rel="noopener noreferrer nofollow" title="profit" href="https://thebittimes.com/tag/profit.html">profit</a> of 159.9 billion Korean won (KRW), worth around $123 million, in 2022 Q3. However, on Nov. 28, the company said that in the third quarter of this year, it could only generate 29.5 billion KRW, worth around $23 million. This marks a drop of 81% in the company’s net <a rel="noopener noreferrer nofollow" title="profit" href="https://thebittimes.com/tag/profit.html">profit</a>.
 The firm cited a “sluggish investment market” due to an economic downturn as the reason for its sales drop. In addition, Dunamu noted that the decline in net <a rel="noopener noreferrer nofollow" title="profit" href="https://thebittimes.com/tag/profit.html">profit</a> was because of the drop in the prices of virtual assets compared to the previous quarter.&nbsp;
 Nevertheles, Dunamu believes that popularizing blockchain services will be a key driving force in overcoming the bear market. A Dunamu spokesperson said in the report that they will continue their efforts to revitalize the blockchain ecosystem and create a more advanced investment environment based on their technological capabilities.
 Related: Bithumb plans to be first crypto exchange listed on Korea stock market: Report
 Apart from its earnings, the company has also recently reported that hackers have targeted their crypto exchange Upbit 159,000 times in the first half of 2023. On Oct. 9, South Korea’s Yonhap News Agency reported that Upbit saw a 117% increase in hacking attempts in 2023 compared to the first half of 2022. Despite the increased hacking attempts, the exchange has not reported any breaches since a $50 million exploit&nbsp;in 2019.&nbsp;
 Magazine: HTX hacked again for $30M, 100K Koreans test CBDC, Binance 2.0: Asia Express
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/upbit-parent-dunamu-s-profits-drop-81-in-q3-tbt71920.html">https://thebittimes.com/upbit-parent-dunamu-s-profits-drop-81-in-q3-tbt71920.html</a>

Upbit parent Dunamu's profits drop 81% in Q3

TheBitTimes

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