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Project Overview
Upbit is one of the largest cryptocurrency exchanges in South Korea. It was launched by Dunamu in October 2017.
Upbit operator Dunamu responds to Nasdaq listing rumors: Confirms engagement with US SEC and CFTC, plans to establish IPO committee
Odaily News: Dunamu, the operator of Korean cryptocurrency exchange Upbit, has responded to rumors of a US listing, stating that the company has indeed been in contact with the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). However, it has not yet confirmed plans for a US listing, nor has it converted its financial reporting standards to U.S. Generally Accepted Accounting Principles (US GAAP).Dunamu stated that it is currently working with Naver Financial to complete a share swap by December 31. The two companies are valued at 15 trillion KRW and 5 trillion KRW respectively, with a swap ratio of 1 share of Dunamu for approximately 2.54 shares of Naver Financial. Upon completion of the transaction, both parties plan to establish an IPO committee within one year and proceed with listing efforts.Market observers believe Nasdaq could be a potential listing venue, mainly because Naver is already listed on the Korean exchange. If the two companies are subsequently listed on a secondary exchange in Korea as subsidiaries, they may face regulatory restrictions on "parent-subsidiary dual listings." If Dunamu ultimately pursues a US listing, it may do so via American Depositary Receipts (ADRs). The Korean legal entity and Upbit business would remain intact, and services such as KRW deposits and withdrawals for users are not expected to be directly impacted. (Etoday)
Samsung Securities plans to acquire 2% stake in Upbit operator Dunamu for $204 million
Samsung Securities has passed a board resolution to acquire 2% of Dunamu's shares for 306.3 billion won (approximately $204 million), totaling around 697,000 shares at an acquisition price of about 439,000 won per share.The sellers in this transaction include Kakao Investment, Kakao Ventures, Kakao Youth Startup Fund, and the KIF-Kakao Woori Bank Technology Finance Investment Fund. Based on the transaction price, Dunamu's overall valuation is estimated at approximately 15.3 trillion won (about $10.2 billion).Samsung Securities stated that this investment aims to enhance its competitiveness in the digital asset business and expand related synergies. Previously, Hanwha Investment & Securities also acquired Dunamu shares held by Kakao Investment at the same valuation. (Yonhap News Agency)
Bithumb: Gate Officially Included in Bithumb CODE VASP Support Scope
according to Bithumb's official announcement, Gate has been officially added to the VASP (Virtual Asset Service Provider) support list of CODE, the Travel Rule (anti-money laundering fund transfer rule) compliance solution under South Korea's Bithumb.Previously, Gate had also been included by Upbit in its supported overseas VASP scope. With this inclusion in Bithumb CODE's support scope, users can now conduct digital asset transfers that comply with Travel Rule requirements between Gate and other CODE-connected VASPs.
Upbit Parent Dunamu and Naver Swap Deal Runs Into Complications: May Clash With Regulatory Shareholding Cap
According to Yonhap, the share swap transaction between Upbit's parent company Dunamu and a subsidiary of South Korean internet giant Naver may face uncertainties. Documents disclosed by the Legislative Affairs Research Division of the National Assembly indicate that the transaction may simultaneously be subject to the minimum shareholding requirement for subsidiaries stipulated in the Fair Trade Act, as well as restrictions on the maximum shareholding by major shareholders of virtual asset exchanges.
Dunamu and Visa Reach Strategic Partnership for Stablecoin Payments and Remittances
According to Yonhap News Agency, Dunamu, operator of South Korean crypto exchange Upbit, has announced a strategic partnership with global payment giant Visa. Both parties will jointly explore next-generation financial payment services leveraging stablecoins and AI. Cooperation areas include stablecoin payments and cross-border remittance services, business models for the USD stablecoin OUSD based on Open Standards, and "Agentic Commerce," which integrates AI with stablecoins to allow AI to handle the entire product search, purchase, and payment process on behalf of users. The specific service architecture has yet to be finalized, and implementation will proceed in phases in compliance with relevant regulations and regulatory requirements.
Upbit operator Dunamu responds to Nasdaq listing rumors: Confirms engagement with US SEC and CFTC, plans to establish IPO committee
Odaily News: Dunamu, the operator of Korean cryptocurrency exchange Upbit, has responded to rumors of a US listing, stating that the company has indeed been in contact with the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). However, it has not yet confirmed plans for a US listing, nor has it converted its financial reporting standards to U.S. Generally Accepted Accounting Principles (US GAAP).Dunamu stated that it is currently working with Naver Financial to complete a share swap by December 31. The two companies are valued at 15 trillion KRW and 5 trillion KRW respectively, with a swap ratio of 1 share of Dunamu for approximately 2.54 shares of Naver Financial. Upon completion of the transaction, both parties plan to establish an IPO committee within one year and proceed with listing efforts.Market observers believe Nasdaq could be a potential listing venue, mainly because Naver is already listed on the Korean exchange. If the two companies are subsequently listed on a secondary exchange in Korea as subsidiaries, they may face regulatory restrictions on "parent-subsidiary dual listings." If Dunamu ultimately pursues a US listing, it may do so via American Depositary Receipts (ADRs). The Korean legal entity and Upbit business would remain intact, and services such as KRW deposits and withdrawals for users are not expected to be directly impacted. (Etoday)
South Korea FSS Upgrades Anti-Fraud System, Crypto Assets Included in Voice Phishing Compensation Coverage
According to Cryptopolitan, South Korea's Financial Supervisory Service (FSS) has launched a three-month fraud refund system reconstruction project with a budget of approximately 119 million Korean won. This upgrade aims to align with the revised "Telecommunications Fraud Damage Compensation Act" amended on March 31 this year—the bill will officially take effect on October 1, formally incorporating virtual assets into the scope of "damaged property" and "refundable property." The new system will support calculating compensation amounts based on token type and quantity, using the Korean won value at the time funds were frozen as a reference benchmark, while also possessing the ability to disentangle mixed fraud funds across multiple accounts. Major exchanges such as Upbit, Bithumb, Coinone, Korbit, and GOPAX will be required to assume anti-fraud and victim relief obligations equivalent to those of banks at that time, including verifying transaction purposes, monitoring suspicious funds, and freezing suspected accounts.
韩国加密交易市场洗牌：五大交易所上半年交易额同比下降54.6%，中小交易所寻求合作重组
TechFlow News, August 1, according to South Korean media NexBlock, South Korea's virtual asset market trading volume continues to shrink, and the competitive landscape among the five major KRW exchanges is changing. During the market downturn, funds are further concentrating on platforms with leading liquidity, while small and medium-sized exchanges are seeking breakthroughs through cooperation with securities companies, institutional market positioning, and business restructuring. The focus of future competition will no longer be just trading volume, but stablecoin liquidity, traditional financial cooperation, institutional market expansion, and regulatory compliance capabilities. Data shows that in the first half of this year, South Korea's five major KRW exchanges (Upbit, Bithumb, Coinone, Korbit, Gopax) accumulated trading volume of about $366.58 billion, a year-on-year decrease of 54.6%. From July 1 to 27, the five major exchanges accumulated trading volume of about 17.34 trillion KRW, a decrease of 16.9% compared to the same period last month. Among them, Upbit's trading volume was about 11.69 trillion KRW; although down 10%, its market share rose from 62.3% to 67.4%. Bithumb's trading volume dropped to 4.71 trillion KRW, with its share decreasing from 30.7% to 27.1%, expanding the gap between the two to 40.3 percentage points.
Upbit 将上线 Dolphin（POD），支持韩元、BTC 及 USDT 交易对
据 Upbit 公告，Upbit 将上线 Dolphin（POD），支持 KRW、BTC 和 USDT 三个交易市场，预计于北京时间今日 15:00 开放交易。POD 仅支持通过 Base 网络充值和提现，充提服务将在公告发布后 2 小时内开放。 Dolphin 是一个 AI DePIN 项目，通过整合全球闲置 GPU 资源分布式处理 AI 推理任务，并提供 Web Chat、Telegram Bot 等产品。POD 代币主要用于网络质押及 Bonding。
Upbit Lists Sophon (SOPH) on Trading Warning List and Suspends Deposits
According to the official announcement, Upbit has added Sophon to its trading alert list and has suspended its deposit and withdrawal services.
Bonk Guy Calls Another Token USELESS: Already Listed on Upbit and Bithumb, Watch for Its Potential Upside
Trader Bonk Guy (Unipcs) posted that he has long considered USELESS to be this cycle's equivalent to DOGE, SHIB, or PEPE, yet many continue to disregard it. He noted that South Korea's two major centralized exchanges, Upbit and Bithumb, listed USELESS just hours apart today, granting it a major new distribution channel from one of the world's key crypto markets. Bonk Guy further emphasized that attention should remain on whether USELESS will be listed on Hyperliquid, Robinhood, or Binance Spot next. He argued that instead of debating whether USELESS will emerge as this cycle's flagship memecoin, focus should shift to how high its price can potentially reach, as the underlying pattern is becoming increasingly clear. He also noted that investors can either accumulate USELESS now or wait until its market cap reaches several billion dollars, perceiving that stage as "safer".
Bitcoin's "kimchi premium" has reappeared in the South Korean market, marking its longest positive streak since early May at one week
Odaily News: Bitcoin has once again shown a "kimchi premium" in the South Korean market. On September 1, the price of Bitcoin on Upbit, South Korea's largest cryptocurrency exchange, was approximately 1% higher in Korean won compared to Binance's dollar price. This premium has persisted for one week, marking the longest duration since early May.Bitcoin was priced at around $79,000 in early September, briefly surpassing $80,000 in August. U.S. spot Bitcoin ETFs saw net inflows of approximately $1.92 billion in the week of August 17, the highest single-week total in ten months; an additional $923 million flowed in during the week ending at the end of August.According to Upbit data, Bitcoin traded at a discount to international prices in the South Korean market for most of the summer, reaching a discount of 3.1% in early June and averaging a 0.25% discount in August. 10x Research noted that the premium in South Korea has turned positive, but spot trading volumes have not increased correspondingly. (Bloomberg)
Floating loss of $5.605 million; Hyperliquid's largest LIT short position adds $2.5 million in margin
Odaily News According to on-chain analyst Ai Yi's monitoring, Hyperliquid's largest LIT short position added $2.5 million in margin today, with a current floating loss of $5.605 million. The short position holds 2.528 million LIT tokens, valued at approximately $8.9 million, with an entry price of $1.3. After LIT was listed on Upbit today, its price surged briefly, prompting the short position to add margin to reduce liquidation risk. Currently, the margin for this single position stands at $7.16 million, with a liquidation price of $5.78.
Upbit Trading Volume Surges 273% in a Single Day as Korean Investors Return to the Crypto Market
According to The Block, South Korea's largest cryptocurrency exchange Upbit saw a 273% surge in trading volume over the past 24 hours, reaching approximately $1.84 billion and marking its highest single-day level since mid-March. XRP was the most traded cryptocurrency on the platform, with approximately $419 million in volume, followed by Bitcoin, USDT, and Ethereum.
Upbit adds MultiversX (EGLD) to the trading warning list
According to an official announcement, Upbit has placed MultiversX (EGLD) on its trading warning list. Deposit and withdrawal services are currently suspended. Previously, it was reported that MultiversX suspended its network due to a virtual machine atomicity vulnerability, and a patch is now undergoing testing.
Upbit 将 Zilliqa（ZIL）列为交易注意种目
According to Upbit's official announcement, Upbit has designated Zilliqa (ZIL) as an asset subject to trading caution citing "security incidents such as hacks with unknown causes or unaddressed vulnerabilities" (pursuant to Article 17, Paragraph 1, Item 5 of the Enforcement Decree of the Virtual Asset User Protection Act), with the designated period from 19:00 KST on July 22, 2026, to the third week of August (August 17–21). Deposit and withdrawal services for ZIL have been suspended since 19:00 KST on July 20. Upon reopening, only withdrawal services will be restored, while deposit services will be announced separately depending on the progress of subsequent reviews. Upbit will conduct a detailed review of ZIL during the designated period and decide depending on the situation whether to extend the caution period, lift the caution, or terminate trading support.
South Korea's Financial Supervisory Service Initiates Sanction Procedures Against Upbit Operator Dunamu
According to Yonhap News Agency, the South Korean Financial Supervisory Service has sent an inspection opinion letter to Upbit's operating company, officially initiating the sanction procedure. Subsequently, the sanction content will be finally determined after going through procedures such as company explanation, the Sanction Deliberation Committee, the Securities and Futures Commission, and the Financial Services Commission. Yonhap News Agency stated that since the current "Virtual Asset User Protection Act" mainly targets user protection and unfair trading, it lacks direct and clear sanction provisions for hacking/system accidents, resulting in uncertainty regarding the severity of the sanctions.
BonkDAO Suffers Malicious Governance Proposal Attack, Approximately $20 Million in BONK Stolen
the official Bonk Inu X account announced that BonkDAO was attacked via a malicious governance proposal, resulting in the theft of approximately $20 million worth of BONK tokens from its DAO treasury.According to reports, the attacker exploited a suspicious governance proposal to transfer assets from the BonkDAO treasury. The stolen BONK subsequently began flowing to exchanges, putting downward pressure on the BONK price. Data from The Block shows that the BONK price has dropped over 9%.South Korean exchange Upbit subsequently issued a notice stating that it has temporarily suspended BONK deposits and withdrawals to address the incident and mitigate potential risks. (The Block)
Aethir Prevents Cross-Chain Bridge Vulnerability Attack and Promises Compensation
Decentralized GPU cloud computing infrastructure platform Aethir confirmed that its Ethereum-related bridge contract was attacked. The team promptly disconnected the affected contract and, in collaboration with major exchanges, blacklisted the hacker’s wallet, limiting losses to under $90,000. Earlier, blockchain security firm PeckShield estimated losses at $400,000. The attacker exploited Aethir’s cross-chain smart contract, AethirOFTAdapter, to transfer stolen funds from BNB Chain to Tron. Aethir stated that its Ethereum mainnet ATH token supply remains unaffected. It plans to release a detailed compensation plan and incident analysis next week and will collaborate with exchanges including Binance, Upbit, and Bithumb to freeze funds. Web3 security platform ZeroShadow is assisting with the investigation. In 2025, Aethir achieved $127.8 million in revenue and deployed over 440,000 GPU containers globally.
Upbit 将上线 Dolphin（POD），支持韩元、BTC 及 USDT 交易对
据 Upbit 公告，Upbit 将上线 Dolphin（POD），支持 KRW、BTC 和 USDT 三个交易市场，预计于北京时间今日 15:00 开放交易。POD 仅支持通过 Base 网络充值和提现，充提服务将在公告发布后 2 小时内开放。 Dolphin 是一个 AI DePIN 项目，通过整合全球闲置 GPU 资源分布式处理 AI 推理任务，并提供 Web Chat、Telegram Bot 等产品。POD 代币主要用于网络质押及 Bonding。
Bithumb: Gate Officially Included in Bithumb CODE VASP Support Scope
according to Bithumb's official announcement, Gate has been officially added to the VASP (Virtual Asset Service Provider) support list of CODE, the Travel Rule (anti-money laundering fund transfer rule) compliance solution under South Korea's Bithumb.Previously, Gate had also been included by Upbit in its supported overseas VASP scope. With this inclusion in Bithumb CODE's support scope, users can now conduct digital asset transfers that comply with Travel Rule requirements between Gate and other CODE-connected VASPs.
Upbit will list CASHCAT/KRW, BTC and USDT trading pairs
According to the official announcement, Upbit will list CASHCAT/KRW, CASHCAT/BTC, and CASHCAT/USDT trading pairs.
Upbit to List CASHCAT Korean Won, BTC, and USDT Trading Pairs
According to official news, Upbit will list CASHCAT Korean Won, BTC, and USDT trading pairs.
GIWA: Mainnet Not Yet Live, Any Rumored Mainnet RPC Information Is False
Odaily News: GIWA posted on X to remind the community that the mainnet has not yet launched, so there is no possibility of a so-called "RPC leak" connecting to GIWA mainnet network interfaces/node addresses. GIWA emphasized that any content claiming to have GIWA mainnet RPC information is untrue, and reminded users to verify relevant contract information before interacting with contracts, and to beware of FUD and scams.GIWA is an Ethereum Layer 2 launched by South Korean cryptocurrency exchange Upbit, built on OP Stack. The chain is currently live on testnet, with the mainnet to follow.
Upbit L2 Project GIWA Official Clarification: Mainnet Has Not Launched Yet, No Risk of RPC Leakage
The official GIWA account (@GIWA_by_Upbit) issued a clarification stating that the project's mainnet has not yet launched and no RPC has ever been deployed, meaning there is no risk of any RPC leak. Users were reminded to conduct their own research (DYOR) and remain vigilant against FUD and fraudulent information. GIWA is an Ethereum L2 project developed by Upbit’s parent company, Dunamu, based on the OP Stack. Aiming for 1-second block times and EVM compatibility, the project is currently still in the testnet phase.
Related news
Weekly trading volume at South Korea's top five crypto exchanges drops to 20.5 trillion KRW, down 19.56% week-on-week.
The weekly trading volume of South Korea's top five crypto exchanges from September 25 to October 2 amounted to approximately 20.5 trillion KRW, down 19.56% week-on-week. Upbit remains in first place with a market share of 64.04%.
Upbit 将上线 Dolphin（POD），支持韩元、BTC 及 USDT 交易对
据 Upbit 公告，Upbit 将上线 Dolphin（POD），支持 KRW、BTC 和 USDT 三个交易市场，预计于北京时间今日 15:00 开放交易。POD 仅支持通过 Base 网络充值和提现，充提服务将在公告发布后 2 小时内开放。 Dolphin 是一个 AI DePIN 项目，通过整合全球闲置 GPU 资源分布式处理 AI 推理任务，并提供 Web Chat、Telegram Bot 等产品。POD 代币主要用于网络质押及 Bonding。
Bithumb: Gate Officially Included in Bithumb CODE VASP Support Scope
according to Bithumb's official announcement, Gate has been officially added to the VASP (Virtual Asset Service Provider) support list of CODE, the Travel Rule (anti-money laundering fund transfer rule) compliance solution under South Korea's Bithumb.Previously, Gate had also been included by Upbit in its supported overseas VASP scope. With this inclusion in Bithumb CODE's support scope, users can now conduct digital asset transfers that comply with Travel Rule requirements between Gate and other CODE-connected VASPs.
Upbit will list CASHCAT/KRW, BTC and USDT trading pairs
According to the official announcement, Upbit will list CASHCAT/KRW, CASHCAT/BTC, and CASHCAT/USDT trading pairs.
Upbit to List CASHCAT Korean Won, BTC, and USDT Trading Pairs
According to official news, Upbit will list CASHCAT Korean Won, BTC, and USDT trading pairs.
GIWA: Mainnet Not Yet Live, Any Rumored Mainnet RPC Information Is False
Odaily News: GIWA posted on X to remind the community that the mainnet has not yet launched, so there is no possibility of a so-called "RPC leak" connecting to GIWA mainnet network interfaces/node addresses. GIWA emphasized that any content claiming to have GIWA mainnet RPC information is untrue, and reminded users to verify relevant contract information before interacting with contracts, and to beware of FUD and scams.GIWA is an Ethereum Layer 2 launched by South Korean cryptocurrency exchange Upbit, built on OP Stack. The chain is currently live on testnet, with the mainnet to follow.