Dunamu, the company behind South Korea’s dominant crypto exchange Upbit, posted Q2 2026 results that make for uncomfortable reading. Operating profit fell 73.3% quarter over quarter to 23.5 billion won, while revenue slid 26.1% from Q1 to 173.5 billion won.
The year-over-year comparisons are even more sobering. Against Q2 2025, operating profit collapsed 84.6% and revenue dropped 39.3%.
A first half to forget
Zoom out to the full six-month picture and the damage compounds. Total first-half 2026 revenue came in at 408.1 billion won, down 49.1% from the same period last year. Operating profit for the half cratered 79.7% year over year.
Dunamu’s operating profit margin compressed to 27.3% for the first half of 2026, down from 68.5% a year earlier.
