According to Seoul Economic Daily, the Korean cryptocurrency investment fund Uprise lost 99% of its customer funds when they tried to short Luna during its collapse in May. Although Luna crashed in price from around $90 to fractions of a cent, brief price spikes were enough to wipe out Uprise’s positions. The firm lost 99% of its customers’ funds, or ₩26.7 billion ($20.5 million), as well as an additional ₩3.9 billion ($3 million) of its own money.The firm advertised its AI-enabled automatic trading strategies, which it said would reduce the risk involved with leveraged crypto trading.A spokesperson for Uprise stated, “It is true that damage to customer assets has occurred due to unexpected great volatility in the market.”

Total loss estimated at $23,500,000.