Uprise Promises Partial Compensation To Investors After Losing 99% of Assets
22 July 2022 14:20, UTC
South Korean crypto investment company Uprise plans to compensate investors for losses incurred during its futures bet on Luna Classic (LUNC), a token built on the ruins of the failed Terra ecosystem.
According to the Korean newspaper Soul Economic Daily, Uprise is taking steps to offset the 40% loss suffered by customers related to its disastrous short bet on the token. The short position was placed in May using customer funds placed in a $20.3 mln discretionary investment vehicle. As a result, Uprise lost 99% of its assets.
The compensation plan includes an issuance of Uprise shares to investors based on the company's valuation following last year's Series C funding round. Thus, Uprise is valued at approximately $213.2 mln.
Image: Uprise