Operating profit at Upbit parent Dunamu drops 70%

Dunamu, the owner of South Korea’s leading cryptocurrency exchange Upbit, reported an operating profit of 566.1 billion Korean won (about US$419 million) for the first half of this year, a 70% decrease compared to the same period last year.

Fast facts

• Dunamu’s consolidated operating income in the first half of 2022 decreased 61.3% from a year earlier while the net profit fell 88.2%, according to data from the Financial Supervisory Service. 

• Dunamu attributed the drop in operating income and profit to the slump in the global cryptocurrency market amid the Terra-LUNA debacle and a reduction in liquidity.

• The company explained the steep decline in net profit was due to the drop in price of Bitcoin and other cryptocurrencies it owns.
• Dunamu operates Upbit, the largest cryptocurrency exchange in South Korea with more than 70% market share in terms of trade volume.