TechFlow news, according to South Korea's Financial Supervisory Service electronic disclosure system, Upbit operator Dunamu's operating profit in the third quarter decreased by 39.6% year-on-year, dropping to 1.018 trillion KRW (approximately $79 million).
Third-quarter operating revenue was 1.93 trillion KRW ($149 million), down 29% compared to the same period last year.
Net income also declined 81.6% year-on-year, amounting to 29.5 billion KRW (about $23 million).
Analysts believe that economic downturn, ongoing interest rate hikes, and a sluggish investment market negatively impacted Dunamu's Q3 performance. The sharp drop in net profit was primarily due to virtual asset valuation losses caused by falling cryptocurrency prices.
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