Naver Financial will push back its planned share swap with Dunamu by about three months amid ongoing antitrust and crypto regulatory reviews and weakening profits at Upbit’s operator.
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.