Due to the downturn in the virtual asset market, the sales and profits of major domestic virtual asset exchanges have sharply declined.
Dunamu, the operator of the virtual asset exchange Upbit, announced on the 31st through a business report disclosure that its net profit last year was 130.8 billion KRW, a 94.1% decrease compared to the previous year.
According to Dunamu, the ongoing reduction in global liquidity caused by the Russia-Ukraine war and the contraction of capital markets led to deteriorated performance. In particular, as the virtual asset market experienced a slump last year, digital asset valuation losses increased due to the decline in coin prices.
Consolidated operating revenue (sales), including Dunamu’s subsidiaries, was 1.2492 trillion KRW, down 66.2% from the previous year. Operating profit also fell to 810.1 billion KRW, a 75.2% decrease compared to the previous year.
Dunamu is required to disclose business reports and quarterly/semi-annual reports as it falls under the category of corporations subject to external audits with more than 500 shareholders per security.
Another domestic virtual asset exchange, Bithumb Korea, which operates Bithumb, reported that its net profit last year was 95.3 billion KRW, down 85.3% from the previous year. Bithumb’s sales last year were 320.1 billion KRW, down 68.3%, and operating profit was 163.4 billion KRW, down 79.1%. Total assets were recorded at 1.8144 trillion KRW, a 36.4% decrease.
Meanwhile, Dunamu’s average employee annual salary last year was in the 200 million KRW range. According to the business report, the average salary per employee last year was approximately 237.87 million KRW. This figure was calculated by dividing the total salary paid from January to December last year, about 116.1 billion KRW, by the average monthly number of employees. This is lower than the average employee annual salary of approximately 392.94 million KRW in 2021. As of the end of last year, the number of employees was 551, with an average length of service of 2.16 years.
Chairman Song Chi-hyung received a total of 8.086 billion KRW, including a salary of 2.662 billion KRW and bonuses of 5.424 billion KRW. CEO Lee Seok-woo received 2.7654 billion KRW, including bonuses of 1.97 billion KRW.
Bithumb Korea’s average salary per employee last year was 121 million KRW, showing a slight increase compared to 118 million KRW in 2021.
Three inside directors?CEO Lee Jae-won, Chairman of the Board Kim Sang-heum, and Vice President Lee Jeong-ah?received a total remuneration of 933 million KRW last year.
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