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Dunamu, the proprietor of Upbit, one in every of South Korea’s greatest 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 gained (KRW), price round $123 million, in 2022 Q3. Nonetheless, on Nov. 28, the corporate stated that within the third quarter of this yr, it might solely generate 29.5 billion KRW, price round $23 million. This marks a drop of 81% within the firm’s internet revenue.
The agency cited a “sluggish funding market” because of an financial downturn as the rationale 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.
Nevertheles, Dunamu believes that popularizing blockchain companies will likely be a key driving drive in overcoming the bear market. A Dunamu spokesperson stated within the report that they are going to proceed their efforts to revitalize the blockchain ecosystem and create a extra superior funding setting primarily based on their technological capabilities.
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Other than its earnings, the corporate has additionally just lately reported that hackers have focused their crypto change Upbit 159,000 occasions 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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