Cryptos

Korean cryptocurrency startup Uprise will pay investors back. – Entmetrics

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South Korea has been experiencing a cryptocurrency boom since President Yoon Suk-yeol took office earlier this year. Hailed as the most crypto-friendly president in the country, he had outlined plans and policies to encourage the growth of crypto. As a result, the country’s crypto environment has seen a lot of crypto start-ups and activities. But there have also been resistances, roadblocks and missteps along the way. It was only in May this year that the collapse of Terra affected around 200,000 crypto users in South Korea.

Seoul-Based Crypto Collapse Rattles Startup

Last I heard, South Korean crypto startup Uprise lost $20 million earlier this month and went into liquidation while shorting LUNC. It has decided to immediately pay the indemnities due to its customers. Ninety-nine percent of their assets were wiped out when their AI-powered risk calculator failed, causing them to lose millions both on their end and on that of their clients. It had announced two weeks ago that it was deciding on compensation plans for customers which have now been prepared. Uprise said they extend this compensation in good faith to their customers, even though they know they are not legally required to do so. The move set Uprise apart from its market competitors who are leaving their customers in ruins after crypto firms collapsed due to the volatile environment that has befallen crypto.

The crypto company said it would reward forty percent of its customers, showing it wants to have a good relationship with them. Market volatility has hit every crypto company big and small. Fortunately, Uprise has a plan to protect its customers.

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