Upbit Founders Become Billionaires After $13.6B Dunamu Sale to Naver
On December 2, 2025, Dunamu — the parent company of South Korea’s largest crypto exchange, Upbit — was sold to internet giant Naver for $13.6 billion, making founders Song Chi-hyung and Kim Hyoung-nyon billionaires. The deal closes a landmark chapter for Korea’s crypto industry and transfers control of one of the market’s most influential platforms to a mainstream tech conglomerate.
The acquisition signals Naver’s strategic push deeper into finance and web3 services and offers Dunamu access to broader consumer and infrastructure resources. For users and the wider market, the move could accelerate product integration and regulatory scrutiny as a major non-crypto firm takes stewardship of exchange operations. Observers say the deal may spur further consolidation in the sector and serve as a high-profile validation of exchange business models, while raising questions about competition and oversight in South Korea’s evolving crypto landscape.