South Korea · BitMine Immersion Technologies · Crypto Briefing
South Korean funeral company logs $33 million loss on leveraged ether ETF bet
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Bumo Sarang used customer prepaid funeral funds to buy a 2x leveraged ETF tied to a crypto mining company, and it went about as well as you'd expect.
Key facts
- Bumo Sarang, ranked as South Korea’s seventh-largest funeral service operator, invested 59.5 billion won into the T-REX 2X Long BMNR Daily Target ETF, which trades under the ticker BMNU
- A South Korean funeral services company called Bumo Sarang has disclosed an unrealized loss of roughly 49.3 billion won, approximately $33 million, after plowing customer prepaid funds
- Bumo Sarang used customer prepaid funeral funds to buy a 2x leveraged ETF tied to a crypto mining company, and it went about as well as you'd expect
- The BMNU ETF is part of the T-REX family of leveraged products
Summary
A South Korean funeral services company called Bumo Sarang has disclosed an unrealized loss of roughly 49.3 billion won, approximately $33 million, after plowing customer prepaid funds into a leveraged ETF linked to a crypto mining firm. Bumo Sarang, ranked as South Korea’s seventh-largest funeral service operator, invested 59.5 billion won into the T-REX 2X Long BMNR Daily Target ETF, which trades under the ticker BMNU. In plain English: the funeral company took money that customers had prepaid for future funeral services and used it to make a leveraged bet on a small crypto mining stock. Company representatives characterized the damage as a “short-term unrealized loss due to global market volatility.”