Dunamu Reports 68.9% Decrease in Q2 Operating Profit... Investment Sentiment Weakens

Dunamu, operator of Upbit, the largest cryptocurrency exchange in South Korea, reported that its operating profit for the second quarter of this year nearly decreased by 70% compared to the same period last year. This is interpreted as a result of weakened investor sentiment in cryptocurrencies.

According to the Financial Supervisory Service's electronic disclosure system on the 25th, Dunamu's consolidated operating profit for the second quarter of this year was 86.6 billion KRW, down 68.9% from 278.1 billion KRW in the same period last year. Revenue was 186.6 billion KRW, a 47.9% decrease compared to the same period last year. Net profit for the period was 100.8 billion KRW. The valuation amount increased this quarter as the cryptocurrency prices recovered compared to the previous year.

Dunamu explained, "Revenue declined due to reduced global liquidity and prolonged economic recession, which dampened investment sentiment," and added, "Net profit showed an increasing trend as the valuation amount rose with cryptocurrency prices increasing compared to last year."

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