The collapse of the Terra ecosystem, one of the biggest triggers of the latest situation in the crypto money markets, affected not only publishers but also crypto-focused companies. While the operations of many projects have been disrupted, many companies have reduced the number of employees. Uprise, one of these companies, lost 99 percent of its client funds.
Terra Collapse Costs Uprise Big Losses
South Korean crypto firm Uprise announced that 99 percent of client funds were liquidated in the May Terra-LUNA collapse, according to a report shared by the Seoul Economic Daily. The sum of these assets amounts to approximately US$ 20 million.
While it was stated that $3 million of the loss covered the company’s own funds, Uprise told local media that the company is working on a compensation plan.
A spokesperson of the company made the following statements on the subject:
“It is true that client assets were damaged due to unexpectedly large volatility in the market. We plan to complete the report on the virtual asset business soon”
Finally, it should be noted that the drop in Terra’s local yoken, LUNA, has deeply affected many cryptocurrency companies. One of these companies was Three Arrows Capital (3AC), which is still struggling to deal with the effects of the decline.
51993
