The revenues of Dunamu, the father or mother firm of Upbit, one of the outstanding cryptocurrency exchanges in South Korea, dropped by an astounding 81% through 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 placing distinction to this dramatic fall made by the corporate. Dunamu had reported a internet revenue of 159.9 billion KRW (about $123 million) within the third quarter of 2022, however this quantity dropped to solely 29.5 billion KRW (roughly $23 million) within the third quarter of 2023.
The current decline within the cryptocurrency market is the first explanation for the monetary efficiency of Dunamu, which has seen a big decline total. It was admitted by the company that the falling pricing of digital belongings, along with an funding local weather that was usually sluggish, had been vital elements to this collapse. It is very important be aware that the problems that many organizations within the bitcoin business had throughout this time interval are mirrored on this bigger financial scenario.
Dunamu continues to be devoted to the blockchain and cryptocurrency discipline, regardless of the current bear market and the monetary hardships that its buyers have skilled. The group is of the opinion that rising the quantity of people that use blockchain companies is crucial with a view to efficiently navigate present difficult market circumstances. As a part of their long-term plan, there’s a vital emphasis positioned on reviving the blockchain ecosystem and enhancing the broader funding surroundings.
An additional impediment that Upbit, Dunamu’s cryptocurrency trade, needed to cope with was a substantial rise within 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% through the first half of 2023. However, it’s vital that the platform has been capable of 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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