Korean crypto startup Uprise to compensate investors after disastrous LUNC short trade

2022.07.22 01:25

Korean crypto startup Uprise to compensate investors after disastrous LUNC short trade

South Korean crypto investment company Uprise plans to compensate investors for damages incurred during its futures bet on Luna Classic (LUNC) — a token that was built on the ruins of the failed Terra ecosystem.

Uprise is making arrangements to compensate 40% of the loss incurred by customers tied to its disastrous short bet on the token, according to the 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 reported by Cointelegraph, Uprise lost 99% of its assets on the trade when it got liquidated.

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