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."