Dunamu, the South Korean fintech company behind the country’s dominant crypto exchange Upbit, saw its first-quarter operating profit plunge 78% year-on-year to 88 billion won (approximately $59 million), according to reports.

The company disclosed through the Financial Supervisory Service on the 15th that first-quarter consolidated sales fell 55% year-on-year to 235 billion won, compared with 516 billion won last year. Operating profit dropped from about 396 billion won to 88 billion won.

Net profit also declined by 78% year-on-year, reaching approximately 70 billion won versus nearly 321 billion won in the same period last year. Dunamu cited reduced trading volume in the virtual asset market caused by the…