menuIcon
$ 108,223.0
BTC
$ 108,223.0
-2.55 %
$ 2,554.54
ETH
$ 2,554.54
-4.37 %
$ 0.7569
ADA
$ 0.7569
-7.26 %
$ 673.57
BNB
$ 673.57
-1.46 %
$ 175.27
SOL
$ 175.27
-5.74 %
Usha Yadav
Jun 1, 2022
by Usha Yadav

Dunamu Denies Making US$100 Million off of LUNA

Dunamu

Table of contents

  1. Dunamu & Partners
Dunamu, a South Korean fintech firm and operator of Upbit, the country's largest cryptocurrency exchange, refuted reports that it made over 130 billion Korean won (US$105 million) from LUNA Classic last year. Several local media outlets reported last week that Dunamu made a profit of roughly US$105 million from a 2018 investment in Luna Classic (LUNC), which was then known as LUNA.

In April 2018, the company's investment arm, Dunamu & Partners, reportedly purchased roughly 20 million LUNC tokens for 3.24 billion Korean won (US$2.61 million), with each token valued at around US$0.13. Upbit, the company's cryptocurrency exchange, placed the LUNC coin on its BTC market in 2019, publicly disclosing that it held the cryptocurrency for investment purposes.

Dunamu & Partners

They reportedly sold all 20 million LUNC in February of last year, according to local media. According to reports, Song Chi-Hyung, the founder and chairman of Dunamu, and Kim Hyoung-nyon, the executive vice president and second-largest shareholder of Dunamu & Partners, were involved in the company's inception. The decision to invest in LUNC was made independently; according to Dunamu, however, the parent company was informed of the decision. It was stated that the company exchanged LUNC for 2081.8500 Bitcoins on foreign exchange at a 25% discount to the market price. After deducting investment costs and taxes, the company re-appraised the unrealized profit to 41 billion won, or approximately US$33 million. LUNC was a notable investment at the time, according to Dunamu, and it has maintained transparency over that transaction.

Follow us on: News
Dunamu LUNA lunc dunamu&partners
Dunamu Denies Making US$100 Million off of LUNA
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

Top Picks