Did Bitcoin cause a 73% loss to Upbit's parent firm?
The downfall of the world’s largest cryptocurrency Bitcoin [BTC] seemed to have a bigger impact than expected. It is no news that the entire market is operating under a loss. However, these losses crept up to a prominent crypto exchange Upbit ’s parent company Dunamu. According to a recent report, the net profits of the South Korean platform Dunamu dipped by 76 percent when compared to last year. It should be noted that the sales decreased by 66.3 percent. The net profit on the other hand plummeted by nearly 73 percent. In the third quarter, the sales of Upbit’s parent company were at 1.57 trillion won while its operating profits were at 734.8 billion KRW. The cumulative net profit of the firm depleted by 83.8 percent pushing the total numbers to 332.8 billion won. It should be noted that there was a 24.1 percent decrease in sales as well as operating profit when compared to the second quarter. Addressing the same, a Dunamu official stated, “It seem...