Crypto Firm Losses $20 Million Trying To Short Terra Luna Classic (LUNC) - BitcoinEthereumNews.com
A South Korean Crypto Firm Has Lost 99% Of Its Assets Trying To Short LUNC. The Korean-based crypto investment firm has reportedly been liquidated and lost almost all of its customers assets, a local news outlet reportaron. The losses associated with LUNC (formerly Terra LUNA) appear far from over. While a lot of people lost billions when Terra collapsed, another group is now losing their money through futures trading on LUNC. Latest reports indicate that a crypto firm based in South Korea has been liquidated, leading to a loss of 99% of its customers assets amounting to $20 million. The firm, named Uprise, employed Artificial Intelligence (AI) to generate futures trades on LUNC. These are usually high-yield trades that attract a hoard of big-money investors. The company is backed by banks, rich individuals, corporations, and venture capital firms that stake high on the trades. The AI trading facilitation by Uprise is called the Heybit service. AI Beaten By LUNC Apparently, the trading AI used by Uprise made a costly miscalculation when it executed a short on LUNC in a futures trade. As nothing fell in a straight line, the system got liquidated again and again due to LUNC abnormal price pumps along the way. The