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Korean Startup Uprise Loses 99% of Client's Money By Shorting LUNC

Daily Market Wrap

  • Crypto market cap: 0.97 trillion, up 5.66%

  • BTC price stands at USD 22,105, up 7.85%

  • ETH price stands at USD 1,259, up 6.33%

  • Top gainer: Aave(AAVE), up 17.31%

  • Top loser: UNUS SED LEO (LEO), down 0.53%

News of the Day

Why it matters:

  • South Korean crypto investment startup Uprise reportedly lost around 99% of the client’s assets worth about $20 million when it got liquidated shorting the Luna Classic (LUNC) token, a Seoul Economic Daily report said

  • The loss reportedly includes about US$3 million worth of Uprise’s own funds. The firm is planning some form of compensation for customers

  • With Uprise in the spotlight, Seoul Economic Daily also pointed out that the firm has not registered as a virtual asset service provider (VASP) in compliance with relevant crypto exchange regulations

Crypto Daily Spotlight

Brief introduction: Axie Infinity is a play-to-earn game connected to Ronin, an Ethereum-linked side-chain. Players of the game can enter their Axies, which are unique characters in the form of NFTs, into battle. Additionally, Axies can be bred, traded, and sold. Users earn the SLP token as a reward after winning a game, which can be used to breed Axies. The SLP token does not have a limited supply. On the other hand, the governance token of the game, AXS, has a limited supply of 270 million tokens and players that trade their SLP token for AXS are entitled to governance rights.

Why it matters:

  • Earlier this year, a senior Sky Mavis engineer was approached by fake recruiters on LinkedIn and encouraged to apply for a job

  • After several rounds of fake interviews, Sky Mavis engineer was offered a job with an extremely generous compensation package

  • The fake “offer” was delivered in the form of a PDF document, which the engineer downloaded — allowing the hackers to plant spyware into Ronin’s systems

  • As a result, hackers were able to attack over two-thirds of validators on the Ronin network

  • “Sky Mavis employees are under constant advanced spear-phishing attacks on various social channels and one employee was compromised. This employee no longer works at Sky Mavis. The attacker managed to leverage that access to penetrate Sky Mavis IT infrastructure and gain access to the validator nodes.” the Axie team wrote in an April post-mortem

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Aspen Digital is a leading technology and financial services company with a mission to accelerate the mass adoption of digital assets. The company provides a digital asset management solution for asset managers, institutions, and sophisticated investors. Aspen Digital was co-founded by digital assets innovators and asset management veterans at Everest Ventures Group (“EVG”) and TT Bond Partners (“TTB”) in 2021.

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