https://www.theblock.co/post/156031/uprise-lost-99-of-client-funds-while-shorting-luna-during-its-price-crash https://cryptobriefing.com/uprise-lost-20m-customer-funds-luna-short-bet/ https://cointelegraph.com/news/korean-startup-uprise-lost-20m-shorting-luna https://www.sedaily.com/NewsView/268F1RV1RN
Days in Operation:
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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