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BlockNews
Home BREAKING NEWS

Upbit Owner Dunamu Faces 81% Profit Drop in Q3 2023

by BlockNews.com Team
November 28, 2023
in BREAKING NEWS, BUSINESS, CRYPTO
Reading Time: 2 mins read
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  • Dunamu, owner of major Korean exchange Upbit, reported an 81% drop in Q3 2022 profits compared to previous year amid crypto bear market
  • Despite sluggish investment environment, Dunamu aims to revitalize blockchain ecosystem and improve landscape long-term
  • Upbit saw a surge in hacking attempts in 2023 but has avoided major breaches since $50M hack in 2019

Dunamu is the owner of Upbit, one of the largest cryptocurrency exchanges in South Korea by trading volume. The company recently reported a steep decline in profits amid a sluggish crypto market.

🚨 NEWS: South Korean crypto exchange Upbit reported an 81.6% drop in net profit for Q3 of 2023.

Upbit parent company, Dunamu, remains committed to blockchain despite this loss. pic.twitter.com/WS2Ox6lByx

— BlockNews.com (@blocknewsdotcom) November 28, 2023

Financial Results

In Q3 2022, Dunamu earned 15.99 billion Korean won (about $12.3 million) in net profit. However, in Q3 2023, the company’s net income dropped 81% to 2.95 billion won ($2.3 million).

Reasons for Decline

Dunamu attributed the profit slump to falling crypto prices compared to last quarter. The company said an economic downturn has led to a sluggish investment environment.

Response to Challenges

Despite the bear market, Dunamu believes popularizing blockchain services is key to overcoming current industry headwinds. The company plans to revitalize the blockchain ecosystem and improve the investment landscape.

Hacking Attempts

Separately, Upbit saw a 117% surge in hacking attempts in the first half of 2023 compared to 2022. However, the exchange has not reported any security breaches since a $50 million hack in 2019.

Conclusion

Major South Korean crypto players like Dunamu face declining profits amid low asset prices. However, firms are continuing efforts to expand blockchain adoption long-term.

Tags: BitcoinBlockchainBusinesscryptoWeb3
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