Upbit operator Dunamu's first-quarter profits plummeted 78% due to a drop in transaction volume.

CoinFeed reported on May 15th that Dunamu, the operator of the South Korean cryptocurrency exchange Upbit, announced a significant decline in its first-quarter results, with operating profit falling 78% year-on-year to 88 billion won (approximately US$67.7 million). The company's revenue decreased by 55% to 234.6 billion won (approximately US$180.5 million), and net profit also fell by 78% to 69.5 billion won (approximately US$53.5 million). Dunamu attributed the poor performance to a decrease in digital asset trading volume amid a global economic slowdown.