Dunamu has released its financial report for the
third quarter, highlighting a significant downturn in its financial
performance. The company’s net profit for the period was KRW 29.5 billion, down
81.6% from the same period last year.
The blockchain and fintech company experienced a
decrease of 29% in sales, resulting in a drop of 39.6% in operating profit
compared to the same period in 2022. According to a statement by
the company, this reduction is attributed to various factors, primarily the
global economic recession and reduced liquidity in the market.
The fall in sales and profit is attributed to a sluggish investment landscape experienced in the market, which was affected by the prevailing economic
recession. Additionally, the company faced substantial losses in the valuation of virtual assets, primarily due to a decline in prices compared to the
previous quarter.
Despite the challenging market conditions, Dunamu is
pivoting towards popularizing blockchain services as a potential
means to overcome the bearish market sentiment. The company aims to leverage
its technology to revitalize the blockchain ecosystem.
Dunamu is intensifying efforts to strengthen its
security infrastructure amidst a significant rise in hacking attempts on Upbit.
Despite facing 159,000 hacking attempts in the first half of 2023, the exchange
hasn’t reported any breaches since it experienced an exploit that led to…
