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163903246 story 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, Seoul Economic daily reported on Wednesday. From a report:
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. Under Heybit, Uprise took custodied crypto assets from customers and traded them in the cryptocurrency futures market. Uprise's AI-enabled trading technology was supposed to minimize the risk associated with leveraged crypto trading. The system was not able to prevent the firm from being liquidated out of its futures trading position. During the price crash, this happened. While Luna's price plummeted, it was caught out by sudden price pumps. Uprise was managing most of the funds for its customers. According to the report, these clients are high net worth individuals and corporations. Uprise lost $3 million of it's own funds.
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