South Korea’s crypto volumes spike as Woori eyes over $300 million Upbit exit
Woori Technology is considering selling its 7.22% stake in Dunamu, the parent company of Upbit, South Korea's largest crypto exchange. Woori invested 5.5 billion KRW in Dunamu in 2015, with the current OTC value of its stake estimated at around 425.3 billion KRW ($300.7 million). The sale price may exceed this value, potentially yielding over 100 times the original investment. Woori is reportedly seeking international buyers due to difficulties in raising funds domestically. The transaction is expected to occur through a block deal to avoid market manipulation. This potential sale coincides with an investigation into Upbit by South Korean authorities for KYC violations and market dominance concerns. Additionally, South Korea's crypto market is experiencing increased trading volumes amid political unrest, with Upbit reporting a 44.7% rise in trading volume, reaching nearly $28 billion in 24 hours.
