Officials from Gangneung City Hall, Dunamu and the Korean Red Cross pose for a photo after Dunamu delivered water to the city on Sept. 1. (Dunamu)
Officials from Gangneung City Hall, Dunamu and the Korean Red Cross pose for a photo after Dunamu delivered water to the city on Sept. 1. (Dunamu)

Upbit operator Dunamu has supplied water to Gangneung, Gangwon Province, as the city battles one of its worst droughts on record.

The financial technology firm said it had donated 1 million bottles of mineral water, each 2 liters, worth 500 million won ($361,000) to the city last week. The contribution is the largest single donation made to Gangneung so far, across both public and private sectors, according to the city.

The shipment, arranged with the Korean Red Cross, was delivered to Gangneung City Hall on Monday and will be distributed to affected areas under the city’s plan.

Gangneung has been grappling with a severe water crisis this summer, with the Obong Reservoir — which supplies nearly 90 percent of tap and industrial water for the city’s 180,000 residents — falling to just 13 percent of capacity as of Saturday, the lowest since 1977.

Residents have been required to close their water gauges by 75 percent to restrict water use, while around 50 public toilets have been closed under emergency measures.

The government declared a state of national disaster on Aug. 30 when the reservoir dropped below 20 percent and raised the emergency response level to 2 under the Central Disaster and Safety Countermeasures Headquarters, enabling full-scale mobilization of administrative resources.

Dunamu, operator of the nation’s largest cryptocurrency exchange Upbit, has been expanding its social contribution efforts. Since 2022, the firm has focused on disaster relief nationwide, providing 18.5 billion won in the wake of wildfires and flooding.

The company has urged other conglomerates to join the recovery drive. “Companies must unite to help the people of Gangneung overcome the drought and regain their daily lives,” Dunamu CEO Oh Kyoung-suk said. “Dunamu will continue to lead swift support for crisis recovery in the event of national disasters.”

Other firms have since followed suit with donations. Shinsegae Group delivered 270,000 bottles of water, while Coupang and Woori Financial Group each sent 20,000 bottles through the Korean Red Cross. The Industrial Bank of Korea contributed 100 million won in cash aid.


jwc@heraldcorp.com