Upbit operator Dunamu's Q1 profit plummets 78% on lower trading volume

Dunamu, the operator of South Korean crypto exchange Upbit, reported a sharp decline in its first-quarter earnings, with operating profit plummeting 78% year-on-year to 88 billion won ($67.7 million), according to Pinpoint News. The company's operating revenue fell 55% to 234.6 billion won ($180.5 million), and net profit also dropped 78% to 69.5 billion won ($53.5 million). Dunamu attributed the poor performance to a decrease in digital asset trading volume amid a global economic slowdown.