Song Chihyung — the founder and chairman of Dunamu, the company operating the cryptocurrency exchange Upbit, the largest trading platform in South Korea. His path reflects the evolution of the country’s fintech industry: from launching early mobile investment services to building a digital asset ecosystem that set market standards. In just a few years, Song became one of the key entrepreneurs in the Asian crypto sector, while Upbit developed into a central element of South Korea’s Web3 economy. His business approach is based on technological minimalism, strategic partnerships, and a constant focus on user security. This combination allowed the exchange to become a leader in one of the most regulated crypto markets in the world.
- Song Chihyung and the beginning of Upbit’s story
- Education and early career of Dunamu’s future founder
- Development of Dunamu and the launch of Upbit — key milestones
- Regulatory challenges and major decisions
- The Naver deal, attacks, and Upbit’s future
- The significance of Song Chihyung for Korea’s fintech sector
Song Chihyung and the beginning of Upbit’s story
Song Chihyung was born in 1979 in South Korea and became one of the key figures in the development of the local crypto market. His company Dunamu operates the Upbit exchange, which quickly gained a dominant position among Korean platforms. The success is explained by a combination of factors: a convenient interface, strong technological foundation, and partnerships with major corporations. It was Song who became the architect of the strategy aimed at transferring the experience of successful fintech products into the digital asset market.
It is also important to note that the launch of Upbit coincided with a surge of interest in cryptocurrencies among Korean youth. Song managed to use this window of opportunity by offering a product that felt familiar compared to traditional financial applications. The exchange quickly integrated into existing user habits, which ensured its explosive growth. In its first year, Upbit surpassed most competitors in trading volume and user trust.
Education and early career of Dunamu’s future founder
Song studied computer science and economics at Seoul National University. Such a combination was rare for Korean entrepreneurs at the time and allowed him to combine engineering expertise with an understanding of financial processes. His first professional experience was at Danal — a mobile payments company — where he witnessed how digital services transformed financial operations. Later, he worked in consulting, gaining experience in project management, strategic planning, and market analysis.
Extension: Song realized early on that the future of finance lay in mobile ecosystems rather than traditional banking interfaces. His work in tech companies revealed the limitations that slowed down financial digitalization. Experience across different industries shaped his systematic thinking and ability to launch products aimed at a mass audience. This combination of skills later became crucial in the creation of Dunamu and its products.
Development of Dunamu and the launch of Upbit — key milestones
Dunamu was founded in 2012, and its early products were not connected to cryptocurrencies. The company experimented with an e-book service and a news aggregator, but success came after launching StockPlus — an application for trading stocks within the Kakao ecosystem. This experience turned out to be crucial: the team learned to build “one-tap” financial services, which later became the foundation of Upbit. The launch of the exchange in 2017 became a turning point for the entire Korean crypto industry.
Extension: Another key success factor was a UX approach aimed at minimizing user cognitive load. Song understood that average investors struggled with overloaded trading interfaces, so he promoted the idea of “simplicity over complexity.” The partnership with Bittrex enabled fast access to a large number of assets, giving Upbit global liquidity from day one. As a result, the combination of local user experience and international technologies secured the exchange’s leadership.
Regulatory challenges and major decisions
Despite rapid growth, Upbit faced strict attention from regulators. In 2018, investigations began regarding alleged fictitious transactions. The legal process lasted several years, and eventually the country's highest court acquitted Song Chihyung.
Key points of this period:
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Investigation into allegations of trading volume manipulation.
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Strengthening of regulatory requirements for crypto exchanges in Korea.
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Upbit’s receipt of international security certifications (ISO 27001, ISMS).
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Formation of the exchange’s reputation as a “regulation-reliable” platform.
This period became critical for building trust in Korea’s crypto industry. Upbit had to develop transparent processes and demonstrate readiness to comply with increasingly strict requirements. Successfully overcoming these challenges strengthened Song’s reputation as a leader capable of operating under pressure. After the legal processes concluded, the exchange saw an influx of institutional users, further reinforcing its market position.
The Naver deal, attacks, and the future of Upbit
The 2020s became a period of major strategic transformation for Dunamu and Upbit. The company entered the ranks of Korea’s core fintech players and attracted the attention of the country’s largest tech corporations. Against the backdrop of a rapidly growing cryptocurrency industry, Dunamu formed partnerships, strengthened its Web3 presence, and faced cyber threats that required infrastructure modernization.
Main events:
| Year | Event | Significance |
|---|---|---|
| 2021 | Agreement with HYBE | Launch of projects around NFTs and fan-economy initiatives |
| 2025 | Naver Financial acquisition deal | Integration of Dunamu into the Naver ecosystem, valuation over $10 billion |
| 2025 | Upbit hack (via Solana) | Losses of approx. $30 million, strengthening of security measures |
Extension: The deal with Naver became a major confirmation that crypto companies were entering mainstream fintech. The integration allows digital assets to merge with payment systems, search services, and e-commerce. The cyberattacks demonstrated that even the largest exchanges remain attractive targets, pushing Upbit to further strengthen its infrastructure. These events shape the company’s strategy for the coming years: enhanced security, product diversification, and international expansion.
The significance of Song Chihyung for Korea’s fintech sector
Song has become a symbol of South Korea’s transition from crypto experimentation to institutional adoption of digital assets. He proved that an exchange can function not just as a speculative platform but as part of the nation’s financial infrastructure. Thanks to his decisions, Upbit became an entry point for millions of users, and Dunamu grew into a key player in Asia’s Web3 market.
Extension: Moreover, Song demonstrated how an entrepreneur can build dialogue with the government and help shape a mature regulatory framework. His activities catalyzed reforms aimed at improving transparency and market security. This contributed to South Korea becoming one of the world’s most advanced crypto ecosystems. Song’s influence is felt both in the business sector and in shaping public perception of digital assets.
