The revenues of Dunamu, the parent company of Upbit, one of the most prominent cryptocurrency exchanges in South Korea, dropped by an astounding 81% during the third quarter of 2023, according to the company’s report. The performance of the corporation during the same quarter of the previous year stands in striking contrast to this dramatic fall made by the company. Dunamu had reported a net profit of 159.9 billion KRW (about $123 million) in the third quarter of 2022, but this number dropped to only 29.5 billion KRW (roughly $23 million) in the third quarter of 2023.
The recent decline in the cryptocurrency market is the primary cause of the financial performance of Dunamu, which has seen a large decline overall. It was admitted by the corporation that the falling pricing of digital assets, in conjunction with an investment climate that was typically slow, were important factors to this collapse. It is important to note that the…
