00:00Welcome back to Decentralized News, another quick news update. It has been reported that Uprise did lose about 99% of customer funds trying to short Luna during the collapse.
00:14According to Seoul Economic Daily, the Korean cryptocurrency investment fund Uprise lost up to 99% of its customers' funds when they tried to short Luna during the collapse in May.
00:30Although Luna did crash in price from around $90 at the time to a fraction of a cent, the brief price spikes were enough to wipe out uprides and their positions in that short position.
00:47So the firm lost pretty much all of customers' funds or pretty much Korean won $26.7 billion in total, which is about $20 million, as well as an additional $3 million of its own money as well.
01:03And the firm advertised its AI-enabled automatic trading strategies. It said that it would reduce the risk involved with leveraged trading.
01:13And their spokesman did state that it is true that the damage to customer assets has occurred due to unexpected great volatility in the market.
01:22And this is the reason why they did lose these funds.
01:28But of course, this is not something that I think will go unnoticed in Korea.
01:38As far as the regulators there, we do know that it has been circulating that some people were involved with the Luna company.
01:48And that project were actually restricted from living in the country.
01:54And so I'm supposing some of these companies who might be in the business of doing very risky business, if they are not up to scratch with what the standards of the authorities they require, then they might be getting extra scrutiny.
02:13Let me know what your thoughts are if you are in that part of the world.
02:15If this is somewhat something that would have affected you due to uprise this kind of greed in this case, of course.
02:25But also, let me know what other news stories are out there that have been catching your attention.
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