Revenue from Dunamu, the parent company of Upbit, one of the most prominent cryptocurrency exchanges in South Korea, dropped it According to the company report, there was a staggering 81% increase during the third quarter of 2023. The performance of the corporation is in sharp contrast to the dramatic decline experienced by the company during the same quarter last year. Dunamu had reported a net profit of 159.9 billion KRW (about $123 million) in the third quarter of 2022, but that number dropped to just 29.5 billion KRW (about $23 million) in the third quarter of 2023.
The recent decline in the cryptocurrency market is the primary reason for Dunamu’s financial performance, which has seen a large decline overall. It was acknowledged by the corporation that the falling price of digital assets, coupled with a generally slow investment climate, were significant factors leading to the collapse. It is important to note that the problems that many organizations in the Bitcoin industry faced during this time period are reflected in the larger economic situation.
Despite the current bearish market and financial difficulties experienced by its investors, Dunamu remains dedicated to the blockchain and cryptocurrency sector. The organization is of the opinion that increasing the number of people using blockchain services is essential to successfully deal with the current challenging market conditions. As a component of their long-term plan, there is significant emphasis on revitalizing the blockchain ecosystem and enhancing the broader investment climate.
Another hurdle that Dunamu’s cryptocurrency exchange, Upbit, faced was a significant increase in the number of attempts to hack the system. The number of hacking attempts made against Upbit increased by 117% during the first half of 2023, compared to the same time period in 2022. Still, it is important that the platform is able to prevent any major security breaches. Fifty million dollars were involved in the hacking incident that took place in 2019.
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