dunamu

According to the Korea JoongAng Daily, the daily trading volume of South Korea's five major won virtual asset exchanges totals approximately 412.7 billion won, a decrease of 88% compared to a year ago. The total market value of global virtual assets has also shrunk by 41% to $2.322 trillion. The country's leading cryptocurrency firm Dunamu reported a year-on-year decline in revenue and operating profit of 55% and 78%, respectively, in the first quarter.Small and medium-sized exchanges are in an even more difficult situation, with Coinone, Korbit, and Gopax, which recorded operating losses last year, expected to continue losing money this year. Korbit has sold its holdings three times this year, selling 15 bitcoins and 60 ethers within ten days this month, generating approximately 1.6 billion won in cash. A director from Tiger Research stated that the current situation can be seen as a "second crypto winter," with the total market value of cryptocurrencies significantly shrinking and new projects almost nonexistent.Despite the market downturn, institutions are accelerating their adoption of blockchain, focusing on tokenized assets and stablecoins. Major brokerages like Future Asset have recently acquired shares in exchanges, and the government has repeatedly expressed its determination to advance the legislation of the "Digital Asset Basic Law," reflecting a continued optimism about medium- to long-term growth potential.

According to the Korea Herald, South Korea's financial regulatory agency has issued an investigation report to Upbit's operator Dunamu, initiating sanction procedures. Previously, the company suffered a hacking incident involving 44.5 billion won.Since the incident occurred, the Financial Supervisory Service (FSS) has been investigating whether there were violations of the "Virtual Asset User Protection Act." However, as there are currently no direct penalties for hacking incidents or computer system failures, it remains uncertain whether this will lead to severe disciplinary actions. The Financial Supervisory Service plans to notify the company in advance of the sanction opinion letter, which includes the level of sanctions, after the company provides an explanation. Subsequently, the final sanction measures will be determined by resolutions from the Sanction Review Committee, the Securities and Futures Commission, and the Financial Services Commission.

According to DigitalAsset, Upbit operator Dunamu has been selected as the first priority candidate for the "Management of Seized Digital Asset Custody Business" by the Korean National Police Agency. According to data from the Korean government procurement portal (KONEPS), Dunamu ranked first with a comprehensive score of 94.73 (technical score 84.73, bid price score 10), surpassing the Korea Digital Asset Custody Company (KDAC, 91.29) and Hecto Wallet One (87.27).The project budget is 267 million won, with a contract period of 1 year, aimed at entrusting the digital assets seized by the police during investigations to external professional institutions for secure custody. Previously, there were cases in the Korean judicial system where seized bitcoins were lost, raising concerns about the need for external custody of digital assets.

According to South Korea's Digital Asset, the comprehensive equity exchange date between Naver Financial and Upbit's parent company Dunamu has been postponed again from September 30 to December 31, marking the second delay this year, having previously been postponed from June 30 to September 30 in March.The equity exchange ratio remains unchanged, with 1 share of Dunamu exchanged for 2.5422618 shares of Naver Financial. Dunamu stated that the transaction still requires approval from the Fair Trade Commission for corporate mergers, approval for changes in major shareholders under the Credit Information Act, and reporting of changes in major shareholders under the Specific Financial Information Act, and the progress may lead to further delays or even the transaction falling through.Dunamu also pointed out that legislative discussions on the Basic Law of Digital Assets are progressing, and the content of future regulations may impact the conduct or outcome of the equity exchange.

According to The Block, Samsung Electronics, Dunamu (the parent company of Upbit), and several other South Korean companies have been listed as members of the Open Standard's OUSD stablecoin alliance, but many companies stated that they have not formally agreed to participate.A relevant person from Samsung Electronics told South Korean media that they have not received a formal inquiry and do not know what role they will play. Shinhan Financial Group, Dunamu, and Kbank stated that they only replied "we will look into this matter," and then their names were listed. Other companies claimed they simply responded casually with "we will consider it if things go smoothly," only to find themselves listed, feeling confused.Open Standard announced this week the formation of an alliance consisting of over 140 institutions, including Visa, Mastercard, and BlackRock, with plans to launch the OUSD stablecoin within the year.

According to the Korea Economic Daily, at least seven companies, including Dunamu, the operator of the South Korean cryptocurrency exchange Upbit, have submitted proposals to bid to become the first private custodian of virtual assets seized by the Korean National Police Agency. Other bidders include major custodians Korea Digital Asset (KODA), Korea Digital Asset Custody (KDAC), BDACS, Hecto Wallet One, Infinite Block, and DSRV.An official from a virtual asset custody institution explained that the selection results may be finalized next month. The official pointed out that in a previous pilot project conducted for the National Tax Service, the winning bidder was determined within one to two weeks after the proposal presentation concluded.

According to the Korea Herald, Samsung Securities has decided through a board resolution to acquire a 2% stake in Dunamu for 306.3 billion won (approximately 204 million USD), which amounts to about 697,000 shares, with an acquisition price of approximately 439,000 won per share. The sellers include Kakao Investment, Kakao Ventures, Kakao Youth Entrepreneurship Fund, and KIF-Kakao Woori Bank Technology Financial Investment Fund, among others. Based on this estimate, Dunamu's overall valuation is approximately 15.3 trillion won (about 10.2 billion USD).Samsung Securities stated that this investment aims to enhance the competitiveness of its digital asset business and expand synergies. Previously, Hanwha Investment & Securities also acquired shares of Dunamu held by Kakao Investment at the same valuation.

According to iNews24, the Financial Services Commission (FSC) of South Korea is reviewing whether Hana Bank's acquisition of Dunamu shares violates the "separation of finance and virtual assets" regulatory rules. The virtual assets department of the Financial Services Commission stated that Hana Bank indirectly holds shares in Dunamu through its acquisition of Kakao Investment shares, which is essentially an investment in a virtual asset exchange and will be examined under the same standards.Since 2017, the South Korean government has prohibited financial institutions from holding, purchasing virtual assets, or making equity investments through administrative guidance. If a violation occurs, Hana Bank may not be able to complete the transaction. Future Asset Consulting is advancing the acquisition of Kobit's operating rights, and Korea Investment & Securities is also taking a cautious approach. Hana Bank previously announced the acquisition of a 6.55% stake in Dunamu but did not consult with the authorities beforehand.Currently, the "separation of finance and virtual assets" regulation has not yet been codified into law, and it is uncertain whether related provisions will be included in the digital asset bill. Legislative discussions may advance after the National Assembly reconvenes in September at the earliest.

According to Asia Economy, Upbit operator Dunamu disclosed that the consolidated revenue for the first quarter of 2026 was approximately $157 million, a year-on-year decrease of 55%; operating profit was approximately $59 million, a year-on-year decrease of 78%; and net profit was approximately $46.6 million, a year-on-year decrease of 78%.Dunamu stated that the decline in performance was mainly affected by the global economic slowdown and the decrease in trading volume in the virtual asset market.

According to Digital Asset, Hana Financial Group will invest approximately 1 trillion won (about 667 million USD) to acquire a 6.55% stake in Dunamu, the operator of the South Korean cryptocurrency exchange Upbit.

According to Tech in Asia, South Korean internet giant Naver plans to promote the IPO of its fintech subsidiary Naver Financial within five years after completing a share swap with Dunamu, the operator of the cryptocurrency exchange Upbit in which it holds shares. The transaction has been delayed due to an extended antitrust review period, and the specific timetable and structure will depend on market conditions and the regulatory environment. The proposed "Digital Asset Basic Law" in South Korea may change the transaction structure or timetable.On the same day the share swap contract was signed, both parties entered into a shareholder agreement, requiring the establishment of an IPO committee for Naver Financial within one year after the share swap is completed. If the IPO is not achieved within five years, the timeframe can be extended by another two years. Regulators are also discussing a proposal to limit the shareholding ratio of the major shareholders of the exchange to within 20%, which may lead to adjustments in the transaction terms.

Circle CEO Jeremy Allaire stated that Circle has expanded its collaboration with Upbit operator Dunamu to support the compliant adoption of digital assets and has enhanced its partnership with Bithumb to improve stablecoin infrastructure and raise market awareness of stablecoins.Jeremy Allaire mentioned that South Korea is rapidly advancing regulations on stablecoins and digital assets, with a high local cryptocurrency adoption rate. During his time in Seoul, he also met with representatives from KakaoGroup, Coinone, Hashed, Shinhan Bank, KB Financial Group, and Woori Bank.

According to News1, the stablecoin issuer Circle has partnered with Dunamu, the operator of South Korea's largest virtual asset trading platform Upbit, to collaborate in the field of stablecoins and other digital assets.Dunamu stated that it has signed a comprehensive memorandum of understanding (MOU) with Circle and is discussing cooperation plans in the digital asset sector, including stablecoins, such as jointly promoting educational projects. This initiative aims to enhance market participants' access to information, thereby increasing the trustworthiness of South Korea's digital asset ecosystem.In particular, Dunamu plans to promote "healthy innovation" in the South Korean digital asset market through collaboration with Circle, which has consistently complied with U.S. regulations and continues to expand its business.

The South Korean court ruled on the administrative lawsuit filed by Upbit operator Dunamu against the Financial Intelligence Unit (FIU), deciding to revoke the previous three-month partial business suspension. The court stated that, in the absence of clear enforcement guidelines from the regulatory agency, Dunamu had taken measures, including customer commitment letters and internal monitoring, to fulfill its reasonable obligations.Although there is still controversy over whether the relevant measures are sufficient to completely block transactions with unreported operators, they are not enough to support the previous penalty decision.

According to Money Today, the Financial Supervisory Service (FSS) of South Korea issued a corrective order to Dunamu, the operator of Upbit, on April 3 regarding the "comprehensive stock exchange and transfer decision" main matters report. The FSS pointed out that there were significant omissions or false records in the report submitted by Dunamu on March 30, concerning the "future company restructuring plan" and "other important matters related to investment judgment."Dunamu clearly stated in the report that due to the need to obtain approval from the Fair Trade Commission, as well as the need to complete the major shareholder change declaration in accordance with the Credit Information Act and the Specific Financial Information Act, this stock exchange may face risks of delay or cancellation. In addition, the legislative process of the "Basic Law on Digital Assets," which is currently under review in South Korea, may also have a significant impact on the transaction.

According to a report by South Korean media Decenter, Dunamu, the operator of South Korea's largest cryptocurrency exchange Upbit, has released its annual performance report for 2025, showing a decline in both revenue and profit.According to the consolidated financial statements, Dunamu's operating revenue for 2025 was 1.56 trillion won, a year-on-year decrease of 10.0% (compared to 1.73 trillion won in the same period last year); operating profit was 869.3 billion won, a year-on-year decrease of 26.7% (compared to 1.18 trillion won in the same period last year); net profit was 708.9 billion won, a year-on-year decrease of 27.9% (compared to 983.8 billion won in the same period last year).Reports indicate that the decline in performance is mainly attributed to the shrinking trading volume in the cryptocurrency market against the backdrop of a global economic downturn. Dunamu's revenue structure is highly concentrated on trading fees, which accounted for 98.26% of total revenue in 2025.

The cryptocurrency exchange Upbit has announced the disclosure of Dunamu & Partners' digital asset holdings as of December 2025. The announcement shows that Dunamu & Partners currently holds only Bitcoin assets, totaling 2081.84950412 BTC, with no sale records to date.The announcement pointed out that this BTC investment was completed on February 19, 2021, corresponding to the market support date of October 24, 2017, with the holding purpose being for the exchange of LUNC (formerly LUNA). The relevant BTC is stored in two on-chain addresses, and the announcement also stated that individual small unauthorized external transfers do not constitute its investment or holding activities.Upbit emphasized that Dunamu & Partners adheres to established principles in digital asset investment, refraining from sales within three months from the date the project first received trading support on Upbit, and disclosing holdings at the end of each month through announcements to enhance transparency. The platform stated that it will continue to provide users with a public, transparent, and robust trading environment.

According to FN News, Dunamu, the operating company of the South Korean cryptocurrency exchange Upbit, has stated that it has frozen damaged assets worth 2.6 billion won (approximately 1.77 million USD). Upbit is advancing follow-up processes to safely recover the frozen assets.Currently, Upbit is utilizing its self-developed on-chain tracking service (OTS) to trace the paths of virtual assets transferred to external sources. At the same time, it is actively collaborating with global cryptocurrency exchanges to prevent further transfer of assets. A related person from Upbit stated, "Although all customer damaged assets have been compensated by Upbit's own assets, we remain relentless in tracking and freezing to prevent assets from falling into the hands of attackers. To create a secure cryptocurrency asset ecosystem, we sincerely request global cryptocurrency exchanges and the blockchain community to cooperate actively."On the other hand, after replacing all virtual asset wallets and strengthening security measures, Upbit has resumed all virtual asset deposit and withdrawal services on the 6th. Previously, Upbit confirmed that it suffered a loss of over 44.5 billion won due to the theft of its hot wallet, and the CEO issued an apology letter.