Dunamu, the proprietor of Upbit — certainly one of South Korea’s largest crypto exchanges by buying and selling quantity — noticed a drop of 81.6% in internet revenue within the third quarter of 2023 in comparison with the identical interval final yr.
The corporate reported a internet revenue of 159.9 billion Korean received (KRW), value round $123 million, in 2022 Q3. Nonetheless, on Nov. 28, the corporate mentioned that within the third quarter of this yr, it may solely generate 29.5 billion KRW, value round $23 million. This marks a drop of 81% within the firm’s internet revenue.
The agency cited a “sluggish funding market” attributable to an financial downturn as the explanation for its gross sales drop. As well as, Dunamu famous that the decline in internet revenue was due to the drop within the costs of digital belongings in comparison with the earlier quarter.
However, Dunamu believes that popularizing blockchain companies can be a key driving pressure in overcoming the bear market. A Dunamu spokesperson mentioned within the report that they may proceed their efforts to revitalize the blockchain ecosystem and create a extra superior funding atmosphere based mostly on their technological capabilities.
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Other than its earnings, the corporate has additionally lately reported that hackers have focused its crypto change, Upbit, 159,000 instances within the first half of 2023. On Oct. 9, South Korea’s Yonhap Information Company reported that Upbit noticed a 117% enhance in hacking makes an attempt in 2023 in comparison with the primary half of 2022. Regardless of the elevated hacking makes an attempt, the change has not reported any breaches since a $50-million exploit in 2019.
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