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:
100 pts each
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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