Terra Luna’s collapse left a lot of longs with losses and a bad taste in their mouth. 🤢
But what if I told you one firm actually lost its client’s money shorting during the collapse? 🤔
Reports are that UPRISE, a Korean crypto startup, lost $20 million (aka all of its clients’ money) in a short bet gone wrong in May.
As a reminder of what prices did in May, here’s a chart courtesy of coinmarketcap.com.
It’s unclear how exactly the firm lost money shorting something that plummeted nearly 100%, but reports are that it was liquidated after shorting Terra Luna futures during the decline.
There’s not much more to say other than “wow,” so we’ll just let this serve as one of your daily reminders that anything is possible in markets. 🤷