The major shareholder of the giant cryptocurrency exchange is selling their shares.

The long-term shareholder of Dunamu, the parent company of South Korea's leading cryptocurrency exchange Upbit, Woori Technology, has announced its decision to sell its shares amid political waves. The President's attempt at martial law and its rapid repeal affected the timing of this major exit. The investment is claimed to have a return potential of one hundred times its initial value.

Investors of Upbit Cryptocurrency Exchange are Selling Their Assets in the Company

The South Korean investment giant Woori Technology has announced its decision to sell its shares in Dunamu, the parent company of the cryptocurrency exchange Upbit. According to information reported by South Korea-based Bloter, Woori Technology Investment, which has been a significant investor in the company for nine years, announced this strategic decision immediately after the recent political developments in the country.

Market experts predict that the sale value may exceed over-the-counter (OTC) prices. Company officials are expected to conduct the sales through block trading outside of business hours to maintain market balances.

Woori Technology, which holds a 7.22% stake in Dunamu's current partnership structure, reportedly has shares valued at 425.3 billion South Korean won (approximately 300.7 million dollars) according to the company's third-quarter financial data. The shares, acquired with an investment of 5.5 billion won in 2015, have increased in value by 73 times over the period. The book value of the shares has reached 593.9 billion won, rising to 108 times the initial investment.

According to information obtained from market sources, it is stated that the company plans to direct its financing efforts to international markets due to regulatory challenges it faces in the domestic market. This development came after President Yoon Suk Yeol's decision to impose martial law on parliament members, alleging that they exhibited pro-North Korea attitudes, and the subsequent repeal of this decision by the National Assembly.