Upbit · 777

Upbit warns of SAND transaction risks: suspected cybersecurity incident, reminding users to trade with caution

Comparing news, Upbit issued an announcement stating that it has discovered signs of suspected security issues on The Sandbox (SAND) network, so users are reminded to be aware of transaction risks. Upbit said that due to the suspected security incident on the SAND network in 2026, the market may experience increased price fluctuations as a result. The exchange advises users holding SAND assets to pay close attention to relevant developments and conduct trading operations with caution. Currently, Upbit has not disclosed the details of the attack or the scale of the loss; it only provides relevant on-chain transaction addresses for users to inquire. Earlier today, The Sandbox's native token SAND on the Base network is suspected to have experienced a serious security breach. Attackers have obtained permission to mint tokens and can arbitrarily issue additional SAND tokens.

15h ago

UPBIT supports the Nexo (NEXO) USDT trading market

According to Twitter news, UPBIT will start supporting Nexo (NEXO)'s USDT trading market at 22:00 on August 21. Users are required to complete NEXO recharge within 2 hours after the announcement is posted. Note that NEXO only supports deposits and withdrawals on the Ethereum network. This article is sponsored by GENG, Build Your Fortune on GENG (https://geng.one)

1d agoburnking

Revenue is cut! Korean crypto exchanges can't handle it anymore

Source: Shenchao TechFlow Article: Cookie Original title: Shortage of revenue from the Korean Crypto Exchange: The most profitable business can't escape the decline in liquidity, the business most like traditional finance, and is also most constrained by cycles like traditional finance. Key points: Dunamu, the parent company of Upbit and Bithumb, the two largest crypto exchanges in Korea, released financial reports for the first half of 2026 on the same day. Revenue was almost down (down about 49% year on year), but profit performance was extremely uneven: Dunamu's net profit was 108.4 billion won (down 74.1% year on year), while Bithumb had a net loss of 108.7 billion won (profit of 55 billion won in the same period last year). The main reason for the decline: The total trading volume of South Korea's licensed Korean won exchanges fell 49.5% year-on-year in the second quarter, and fee revenue declined simultaneously with the overall contraction of the market. Profit difference: Dunamu has better cost control and remains profitable; Bithumb's losses include digital asset impairment and regulatory penalties, and the operating profit margin is less than 9%. Capital flow: South Korea's retail capital is shifting from the crypto market to AI and semiconductor concept stocks (Samsung Electronics, SK Hynix), and a 22% crypto profits tax will be introduced in 2027, curbing the will to trade. IPO process: Dunamu received an investment of about 1.5 trillion won from Samsung affiliates and others, and cooperated with Naver Financial to advance the KRX listing; Bithumb plans a three-phase IPO, targeting 2028, but current financial performance is under pressure. Industry reflection: The business model, which accounts for nearly 100% of transaction fees, showed strong cyclical characteristics. The profit margin fell from 88% in 2021 to the current 14%. Exchange valuation logic faced open market torture and transformed into a key issue. South Korea's two largest crypto exchanges simultaneously handed over a nearly symmetrical recession report card. On August 14, Upbit's parent company Dunamu submitted its report for the first half of 2026 to the Korea Financial Supervisory Service (FSS) electronic disclosure system. Bithumb's semi-annual report also surfaced on the same day. Looking at the two financial reports together, it's like two perspectives on the same recession. Dunamu's consolidated revenue for the first half of the year was 408.1 billion won, down 49.1% year on year; operating profit was 111.5 billion won, down 79.7% year on year; net profit was 108.4 billion won, down 74.1% year on year. Bithumb's revenue for the first half of the year was 168.8 billion won, down 48.7% year on year; operating profit was 14.9 billion won, down 83.4% year on year; net loss was 108.7 billion won, compared to net profit 55 billion won for the same period last year. Revenue declines were almost the same, all around 49%. However, there is a huge gap on the profit side. Despite a sharp drop in profits, Dunamu still earned 108.4 billion won. Bithumb directly turned into losses, and the amount of losses even exceeded Dunamu's net profit. At the same ebb, the revenue of the two companies at different levels fell at the same time. The reason is simple: the total trading volume of the five licensed Korean won exchanges (Upbit, Bithumb, Coinone, Korbit, Gopax) in the second quarter fell 49.5% year over year to about US$146.4 billion. The overall market has shrunk in half, and handling fee revenue has naturally shrunk in half. But why is Dunamu still profitable and Bithumb losing money? The difference is revenue structure and cost control. Upbit's trading platform revenue for the first half of the year was approximately 395.5 billion won, accounting for 97% of total revenue. Bithumb has a higher percentage, and almost 100% comes from transaction fees. Both are highly dependent on transaction fees, but Dunamu has better control on the cost side. Bithumb's losses include digital asset impairment losses and administrative expenses associated with regulatory penalties. One more number explains the problem. At its peak in 2021, Dunamu left an operating profit of 88 won for every 100 won of revenue. By the second quarter of 2026, this figure became 14 won. The operating profit margin dropped from 88% to 14%. In five years, same company, same business model. Bithumb's situation is more extreme. The operating profit for the first quarter was only 2.8 billion won, and the net loss was 86.9 billion won, including significant digital asset impairment and compliance rectification expenses. Although the business level recovered in the second quarter, the first half of the year as a whole remained a net loss. Where did the money go? The decline in South Korea's crypto trading volume is directly linked to a structural shift in local capital flows. 2026...

3d ago22#Bithumb

Upbit and Bithumb both cut revenue by about 50% in the first half of the year, and the Korean crypto exchange market continued to shrink

According to The Block, South Korea's two major crypto exchanges, Upbit and Bithumb, released financial reports for the first half of 2026. Affected by the downturn in the crypto market, both exchanges experienced a sharp decline in revenue and profits. Upbit's parent company Dunamu had revenue of 408.1 billion won (approximately US$289 million) in the first half of the year, down 49.1% year on year; operating profit of 111.5 billion won, down 79.7% year on year; and net profit of 108.4 billion won, down 74.1% year on year. Bithumb's revenue for the first half of the year was 168.8 billion won, down 48.7% year on year; operating profit was 14.9 billion won, down 83.4% year on year, and net loss was 108.7 billion won. Net profit for the same period last year was 55 billion won. Bitcoin fell from around $90,000 to $60,000 and Ethereum from $3,000 to around $1600 during the reporting period. The strong rise in the semiconductor sector of South Korea's domestic stock market has attracted large outflows of capital from the crypto market. The total trading volume of the five major licensed exchanges fell 49.5% year over year to US$146.43 billion in the second quarter. Despite the pressure on performance, the two exchanges are still promoting capital operations: Dunamu is undergoing an equity exchange with Naver Financial and plans to be listed on the NASDAQ within five years after completion; Bithumb plans to submit a pre-listing review in 2027 after improving the internal control system in 2026, with the goal of completing the IPO in 2028.

4d ago

Upbit operator Dunamu Q2's operating profit fell 73% month-on-month to 235 billion won

In comparison, Upbit operator Dunamu announced results for the second quarter of 2026, with quarterly revenue of 173.5 billion won (approximately US$123 million) and operating profit of 23.5 billion won (approximately US$16.65 million), down about 26% and 73% respectively from the first quarter. In the first quarter, Dunamu had revenue of 234.6 billion won (approximately US$166 million) and operating profit of 88 billion won (approximately US$62.34 million). Dunamu said that the decline in results this quarter was mainly affected by the contraction in overall liquidity in the global digital asset market, and investor sentiment weakened as a result.

8d ago

Ravencoin's price plummeted due to an attack due to a consensus vulnerability. Recent transactions face the risk of chain restructuring

Comparative news, according to Cointelegraph, Ravencoin was attacked due to a consensus breach, and the price of the currency fell to a record low of $0.002754, down about 22% from the 24-hour high. The vulnerability caused the vulnerable node to accept an invalid block, and the first known exploit occurred at block height 4,487,776. Mining pools 2Miners and RavenMiner, which control most of the network's computing power, are building a competitive chain that excludes affected branches. If the chain becomes dominant, the network may undergo a chain reorganization for about three days, and transactions confirmed after block 4,487,775 may be cancelled. Ravencoin recommended that exchanges suspend deposits and withdrawals until the chain stabilizes, and Upbit and Bitget have suspended RVN transfers.

10d ago#On-chain dynamics

As the Korean stock market cools down, why did Upbit and Bithumb start a currency war?

Author: Zen, PanNews Original title: After the trading volume was cut, the two major Korean crypto exchanges started a currency listing war, while the Korean stock market was cooling down, the listing competition between the two major crypto exchanges Upbit and Bithumb began to heat up. In the past month, Upbit and Bithumb's coin listing pace has accelerated markedly. Both exchanges have added 17 new won trading assets, which is significantly higher than the regular monthly average of 6 to 10 types in the first half of the year. In a context where overall trading volume is still sluggish, a cryptocurrency war has begun again around existing capital and retail investors' attention. The best summer for the Korean stock market. Crypto trading ushered in a major cooling. In the first half of this year, the Korean stock and cryptocurrency markets went out of two diametrically opposite curves. According to Korea Exchange (KRX) data, KOSPI's average daily turnover in January was 27.06 trillion won, rising to 32.23 trillion won in February, setting a historical record at the time. However, after entering May, the market was completely crazy. KOSPI's average daily turnover reached 50.22 trillion won, and continued to maintain a high level of 50.35 trillion won in June, nearly doubling from the beginning of the year. This round of trading is largely concentrated on large semiconductor companies such as Samsung Electronics and SK Hynix, which have jointly created an obvious upward market and wealth effect. Against the backdrop of KOSPI's rapid rise, retail capital is flocking to the stock market. As a result, domestic crypto trading in South Korea, which already lacked market conditions, shrank further and continued to cool down during the “best summer in Korea.” According to CoinGecko data, the total trading volume of the five Korean won exchanges of Upbit, Bithumb, Coinone, Korbit, and Gopax in the second quarter of this year was about US$146.43 billion, down 49.5% from US$289.69 billion in the same period in 2025. Among them, Upbit's trading volume of the two major exchanges declined 54% year over year, and Bithumb declined 41.7% year over year. In the first half of this year, for Korean investors, the hottest and most popular market today was clearly stocks rather than cryptocurrencies. For exchanges, even if a few more altcoins and a few activities are launched at this stage, they cannot compete with the stock market, which is having a strong wealth effect. At this stage, Upbit and Bithumb's coin listing pace remained normal or slowed down, basically maintaining 6 to 10 types per month. In the second quarter, which was the craziest in the Korean stock market, Bithumb seemed to avoid the sharp edge of the stock market. Only 22 new tokens were added, which is far lower than the 33 in the same period in 2025. The “inflection point” has arrived. The two major exchanges started a currency exchange war and entered the third quarter, and things began to change. After the peak in May and June, KOSPI's average daily turnover fell to 36.88 trillion won in July, down about 26.8% from the previous month; in August, the average daily turnover as of August 9, the average daily turnover fell further to 26.28 trillion won, which is already lower than the level at the beginning of the year. Furthermore, according to Korea Exchange data, the share of individual investors in KOSPI's turnover fell from 48.19% in January to 31.23% in July. Investors' reserves, which are regarded as “standby funds” in the securities market, also declined by about 25.5% over two months from a high of 139.69 trillion won on June 4 to 104.14 trillion won at the end of July. From a surge in wealth to “those who don't buy stocks are the winners”, after experiencing a frenzy in the first half of the year, the share of retail transactions in the stock market and off-market standby capital began to cool down from a high point. It was during this period that Upbit and Bithumb's coin listing pace began to accelerate markedly. From the beginning of July to August 11, Upbit added a total of 17 new won trading assets in just over a month, as well as 8 new coins that can only be traded in BTC and USDT. Compared to the monthly listing of about 6 to 10 new coins in the first half of the year, this is equivalent to the normal amount for at least the past two months. Meanwhile, Bithumb also maintained a high frequency of coin listings, and also added 17 types of won trading assets. PanNews learned that compared to previous rumors in the industry, the recent intensive listing, some projects said they also learned about it afterwards, and that they did not pay the coin listing fee. We don't know whether the management of the two exchanges will decide the number of coins listed based on changes in KOSPI's turnover. However, from the perspective of user competition, this time window is clearly more favorable than the first half of the year. When the stock market has a large number of rising targets and high volatility every day, relying on the new currency to grab the attention of retail investors is completely futile. However, when the profit effect of the stock market weakens, exchanges re-attract investors with high risk appetite through new assets, short-term price fluctuations, and incentive activities. The marginal effects may be mentioned...

11d agoburnking#Bithumb #Upbit

Upbit designates Ravencoin (RVN) as a prudent trading project

In comparison, according to the official announcement, Upbit has designated Ravencoin (RVN) as a prudent trading project. Earlier, it was reported that the Ravencoin network experienced a serious consensus breach, which could trigger a three-day chain restructuring.

11d ago

South Korea's FSS upgrades anti-fraud system, and crypto assets are included in the scope of compensation for voice fraud

Comparatively, the Korea Financial Supervisory Service (FSS) has begun a three-month reconstruction project for the fraudulent refund system with a budget of about 119 million won. The upgrade is aimed at complying with the “Telecom Fraud Damage Compensation Law” revised on March 31 this year — the law will officially come into effect on October 1, officially including virtual assets in the categories of “damaged property” and “refundable property.” The new system will support the calculation of compensation amounts based on the type and quantity of tokens, and use the value of the won when the funds are frozen as a reference base, and also has the ability to dismantle mixed fraudulent funds from multiple accounts. Major exchanges such as Upbit, Bithumb, Coinone, Korbit, and GOPAX will then have the same anti-fraud and victim relief obligations as banks, including verifying the purpose of the transaction, monitoring suspicious funds, and freezing suspected accounts.

11d ago

The Ethereum Foundation transferred 566.27 ETH worth about $1.09 million from a donation wallet

In comparison, according to Onchain Lens monitoring, the Ethereum Foundation transferred 566.27 ETH worth about $1.09 million from its Grants wallet to an unmarked address. Additionally, the Ethereum Foundation's associated address also transferred 2.62 ETH worth approximately $5,000 to another address. The address previously transferred funds to the South Korean crypto trading platform Upbit. According to the data, the source address for this transfer is the Ethereum Foundation Grants wallet (0x9EE... 313D). Currently, the identity of the anonymous address that received the $1.09 million ETH has not been confirmed, and the Foundation has not publicly disclosed the use of the funds. The community speculates that the transfer may be related to ecological funding projects, developer support, or other foundation operations, but the specific use is yet to be further confirmed. This article is sponsored by GENG, Build Your Fortune on GENG (https://geng.one)

12d agoburnking