South Korea’s Dunamu Pledges Nearly $9M to Protect Crypto Investors: Report

The Upbit operator plans to set up a unit to help prevent fraud and assist victims of crypto crime, among other things.

AccessTimeIconMay 6, 2021 at 2:11 p.m. UTC
Updated Sep 14, 2021 at 12:51 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Dunamu, the South Korean operator of cryptocurrency exchange Upbit, said it will spend 10 billion won (US$8.9 million) setting up a unit to protect crypto investors.

  • The “Upbit Protection Center for Digital Asset Investors” is intended to prevent fraud, conduct research and provide legal assistance and financial support to victims of crypto-related crimes, the Korea Herald reported Thursday.
  • The announcement comes against the backdrop of a clampdown by South Korea’s government on crypto businesses.
  • Crypto exchanges in the country have until Sept. 24 to register as Virtual Asset Service Providers, allowing regulators to determine the legality of firms’ operations.
  • Dunamu will also start running an environmental, social and governance (ESG) management committee in 2022, headed by board director Song Chi-hying.
  • This is part of Dunamu’s efforts to join the global ESG trend, a growing focus for financial institutions and regulators.
  • In the crypto world, ESG is generally associated with the energy required in mining. However, it can also extend to how companies operate and their wider impact on society, such as association with fraud and money laundering.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.

Read more about