Upbit Operator Dunamu Reports H1 Revenue of 785 Billion KRW, Down 61% YoY

[Asia Economy Reporter Lee Jung-yoon] Dunamu, the operator of Upbit, a domestic cryptocurrency exchange, saw its sales in the first half of this year decrease by 61.3% compared to the same period last year.

According to the Financial Supervisory Service's electronic disclosure system on the 29th, Dunamu's consolidated sales for the first half of this year amounted to 785 billion KRW, down 61.3% from the same period last year. Operating profit fell 69.7% to 566.1 billion KRW, and net profit for the period dropped 88.2% to 172.8 billion KRW.

On a separate basis, Dunamu's standalone sales recorded 773.4 billion KRW, a 61.7% decrease compared to the same period last year. Operating profit was 571.9 billion KRW, down 69.4%, and net profit was 260.6 billion KRW, down 81.1%. In the second quarter of this year (April to June), it recorded a net loss of 34 billion KRW and a non-operating loss of 308.55363 billion KRW.

The decline in sales and operating profit is interpreted as being influenced by the contraction of the cryptocurrency market due to the global liquidity tightening. The decrease in net profit was significantly affected by an increase in virtual asset valuation losses caused by the decline in the market price of digital assets such as Bitcoin, which were held after being received as Upbit transaction fees.

Meanwhile, Dunamu is included as an external audit subject corporation with more than 500 owners per security, and is therefore required to disclose business reports and quarterly/semi-annual reports.

This content was produced with the assistance of AI translation services.