Upbit operator Dunamu reports KRW 23.5 billion operating profit for Q2, down sharply as trading volumes and investor sentiment weaken.
Dunamu, operator of South Korea’s largest crypto exchange Upbit, reported a 73.3% quarter-over-quarter decline in Q2 operating profit to KRW 23.5 billion ($16.7 million). Revenue fell 26.1% QoQ to KRW 173.5 billion ($123 million), while net profit dropped 60% year-over-year to KRW 39.0 billion ($27.6 million).
First-half operating profit plunged 79.7% YoY to KRW 111.5 billion ($79 million). The company cited weaker liquidity and cooling investor sentiment across global crypto markets as key drivers of the decline.
No immediate market reaction was disclosed in the report.