South Korea has been experiencing a boom of cryptocurrency ever since President Yoon Suk-yeol took office earlier this year. Hailed as the nation’s most crypto-friendly President, he’d outlined plans and policies to encourage the growth of crypto. Resultantly, the crypto environment of the country has been seeing a lot of crypto start-ups and activities. But there have also been some resistance, roadblocks and missteps along the way. It was just in May this year that Terra’s collapse affected around 200,000 crypto users in South Korea.
Crypto Collapse Rattles Seoul-Based Start-Up
In the latest news, the South Korean crypto startup company Uprise lost a massive $20million earlier this month and hit liquidation while shorting LUNC. It has decided to pay the due compensation to its clients now. Ninety-Nine percent of their assets were wiped out when their AI-run risk calculator defaulted leading to them losing millions from both their end and customers’ ends. It had announced two weeks ago that it is deciding the compensatory plans for the clients which has now been made ready. Uprise stated that they are extending this compensation in good faith to their customers even though they are aware they are not required legally to do so. This decision has set Uprise apart from its market competitors who are leaving their clients in ruins after the crypto businesses collapsed due to the volatile environment that’s descended on crypto.
The crypto firm has said that they will be recompensing forty percent to its clients showing that they want to maintain a good relationship with them. The market volatility has been hitting all small and big crypto companies alike. Luckily, Uprise has a plan to protect their clients.
