Upbit is one of the largest cryptocurrency exchanges in South Korea by trading volume. Its owner Dunamu’s net profit fell by 81.6% in the third quarter of 2023 compared with the same period last year.
company report Net profit in the third quarter of 2022 was 159.9 billion won (KRW), worth approximately US$123 million. However, on November 28, the company said it could only generate 29.5 billion won in revenue in the third quarter of this year, worth about $23 million. This marked an 81% drop in the company’s net profit.
The company cited “sluggish investment markets” due to the economic downturn as the reason for its sales decline. In addition, Dunamu pointed out that the decrease in net profit was due to the decline in virtual asset prices compared with the previous quarter.
Nonetheless, Dunamu believes that popularizing blockchain services will be a key driver in overcoming the bear market. A Dunamu spokesperson stated in the report that they will continue to work hard to revitalize the blockchain ecosystem and create a more advanced investment environment based on their own technical capabilities.
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In addition to profits, the company recently reported that hackers targeted its cryptocurrency exchange Upbit 159,000 times in the first half of 2023. On October 9, South Korea’s Yonhap News Agency reported that hacking attacks on Upbit increased by 117% compared with the first half of 2022, and the number of attempts increased in 2023. Despite the increase in hacking attempts, the exchange has not reported any breaches since a $50 million attack in 2019.
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