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Cryptocurrency News

Korean startup Uprise lost $20M shorting LUNA

07/07/2022

Less than a minute

2022.07.07 08:51

Korean startup Uprise lost $20M shorting LUNA

South Korean crypto investment startup platform Uprise reportedly lost around 99% of its assets worth about $20 million when it got liquidated shorting the LUNA token.

Uprise’s trading desk Heybit uses an artificial intelligence (AI) trading system that was designed to reduce the risks associated with leveraged trading.