The revenues of Dunamu, the mother or father firm of Upbit, one of the vital distinguished cryptocurrency exchanges in South Korea, dropped by an astounding 81% throughout the third quarter of 2023, in line with the corporate’s report. The efficiency of the company throughout the identical quarter of the earlier yr stands in hanging distinction to this dramatic fall made by the corporate. Dunamu had reported a internet revenue of 159.9 billion KRW (about $123 million) in the third quarter of 2022, however this quantity dropped to solely 29.5 billion KRW (roughly $23 million) in the third quarter of 2023.
The latest decline in the cryptocurrency market is the first explanation for the monetary efficiency of Dunamu, which has seen a big decline general. It was admitted by the company that the falling pricing of digital property, in conjunction with an funding local weather that was usually sluggish, had been necessary elements to this collapse. You will need to be aware that the problems that many organizations in the bitcoin business had throughout this time interval are mirrored in this bigger financial state of affairs.
Dunamu continues to be devoted to the blockchain and cryptocurrency subject, regardless of the current bear market and the monetary hardships that its buyers have skilled. The group is of the opinion that growing the quantity of people that use blockchain companies is important in order to efficiently navigate present difficult market circumstances. As a element of their long-term plan, there’s a important emphasis positioned on reviving the blockchain ecosystem and enhancing the broader funding surroundings.
An additional impediment that Upbit, Dunamu’s cryptocurrency change, needed to deal with was a substantial rise in the variety of makes an attempt to hack the system. Compared to the identical time interval in 2022, the variety of hacking makes an attempt that had been made in opposition to Upbit elevated by 117% throughout the first half of 2023. Nonetheless, it’s important that the platform has been in a position to forestall any large safety breaches for the reason that hacking incident that occurred in 2019 and included fifty million {dollars} that occurred.
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