Dunamu Denies Making US$100 Million off of LUNA

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. Dunamu Denies Making Us$100 Million Off Of #Lunahttps://t.co/isroeJWAPc pic.twitter.com/ZxRlYslyKF — 0xWeb (@0x_w3b) June 1, 2022 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 2...