Net profit at Dunamu, the South Korean parent of crypto exchange Upbit, dropped 73% to 160 billion won ($120 million) in the third quarter from the year-earlier period, CoinDesk Korea reported Tuesday.
The South Korean fintech firm was hit by tumbling valuations that have seen the crypto market cap slump by two-thirds over the past year. And that's without any fallout from the collapse of FTX earlier this month, which occurred after the period closed. Upbit is the world's ninth-largest exchange by 24-hour trading volume, according to CoinGecko data.
"It seems that the continued decline in global liquidity and the overall contraction of the capital market have affected the performance," a Dunamu official said.
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