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According to the latest report, Dunamuās sales declined by over 66% compared to the same period last year, in addition to its operating profit sliding by 76.6% and net profit by 72.7%.
Moreover, the fintech firmās sales and operating profit decreased by 24.1% and 39.3%, respectively, compared to the second quarter.
- Dunamu explained that the dwindling figures in āglobal liquidity and the overall contraction of the capital marketā are to blame. However, the firm added that Upbitās performance in the crypto winter was a major factor in its massive decline in sales and profits.
- Upbitās parent firm was sued by an investor in September this year for allegedly delaying a transfer of LUNA tokens for over a month.
- According to local media, Dunamu extended trading prohibitions on the relatives of its executives and employees as a preemptive measure to improve āethical management.ā
- It has been restricting crypto trading for kins of its executives and staff since August this year. Initially, the restriction was imposed only on executives and staff themselves.
- The market appears to be floundering in the aftermath of FTXās implosion, as well as the broader downturn.
- Over the past two months, there has been an enormous rate of withdrawal from centralized exchanges as investors and traders seek to mitigate the risks.
- Several platforms are currently struggling due to the broader crypto contagion narrative.
- For instance, the stock price of Coinbase also tanked to an all-time low of $40.6 last week despite assuring that it had no exposure to FTXās token FTT.
- The bankruptcy prompted a chain reaction in South Koreaās cryptocurrency-linked stock as well.
The post Upbit Parent Firm Posts Over 70% Decline in Profits in Q3 appeared first on CryptoPotato.
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