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.
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- 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.
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