Korean crypto startup Uprise compensates investors after disastrous LUNC short trade
The investment startup made a short bet on LUNC in May using client funds. The trade exploded and wiped out 99% of its assets.
New
South Korean crypto investment firm Uprise plans to compensate investors for damages incurred in its futures bet on Luna Classic (LUNC) – a token that was built on the ruins of the failing ecosystem of Terra.
Uprise is making arrangements to compensate 40% of the loss suffered by customers from its disastrous short bet on the token, according to Korean newspaper Soul Economic Daily. The short position was placed in May using client funds that were deposited in a $20.3 million (26.7 billion won) discretionary investment vehicle. As Cointelegraph reported, Uprise lost 99% of its assets during its liquidation.
"After obtaining the consent of existing shareholders, the compensation process will be implemented," reads a translated version of the Soul Economic Daily report. Most of Uprise's clients are high net worth individuals and corporations.
Uh Oh #Crypto Bro: #ItsHappening Again#Korean Startup #Uprise's AI Robo Trader Lost $20M Shorting #LUNC, a #CryptoCurrency that Im. ..
The investment startup made a short bet on LUNC in May using client funds. The trade exploded and wiped out 99% of its assets.
New
South Korean crypto investment firm Uprise plans to compensate investors for damages incurred in its futures bet on Luna Classic (LUNC) – a token that was built on the ruins of the failing ecosystem of Terra.
Uprise is making arrangements to compensate 40% of the loss suffered by customers from its disastrous short bet on the token, according to Korean newspaper Soul Economic Daily. The short position was placed in May using client funds that were deposited in a $20.3 million (26.7 billion won) discretionary investment vehicle. As Cointelegraph reported, Uprise lost 99% of its assets during its liquidation.
"After obtaining the consent of existing shareholders, the compensation process will be implemented," reads a translated version of the Soul Economic Daily report. Most of Uprise's clients are high net worth individuals and corporations.
Uh Oh #Crypto Bro: #ItsHappening Again#Korean Startup #Uprise's AI Robo Trader Lost $20M Shorting #LUNC, a #CryptoCurrency that Im. ..
What's Your Reaction?
