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ID:

uprise-967

Date:

Status:

Incident Count:

July 1, 2022

Verified

1

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REKT

Contributor:

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web3rekt.com

KYC By:

KYC:

No

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Audit By:

Audits:

None

Loss Amount:

-

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Recovered:

-

Rewards:

Currency:

USD

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Korean crypto startup Uprise lost virtually all of its client funds by shorting luna (LUNA) during its price crash and getting caught on the bounces. The crypto platform lost around $20 million in client funds, comprising over 99% of the platform’s assets under management.

The Korean firm billed itself as using artificial intelligence (AI)-enabled automatic trading strategies to trade crypto on behalf of its clients. This trading desk is one-half of the company’s service called Heybit while the other half is a global exchange-traded funds platform called Iruda.

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