Upbit founders Song Chi-hyung and Kim Hyoung-nyon became billionaires after selling Dunamu to Naver in a $13.6 billion deal. The acquisition highlights a major corporate play into South Korea’s crypto ecosystem.
Dunamu’s CEO apologized after a security breach at Upbit prompted the exchange to revise its estimated losses tied to Solana-related activity. The incident heightens scrutiny of exchange security and hot-wallet management.
Dunamu, parent of South Korea’s Upbit exchange, is reportedly exploring a Nasdaq listing after a merger with Naver, a move that could open U.S. investor access to Korea’s crypto market. Details remain preliminary and timing is unclear.
Naver is expected to approve an equity-swap acquisition of Dunamu, operator of crypto exchange Upbit, at its board meeting next week. Dunamu has set a board meeting for Nov. 26, 2025 to finalize the transaction details.