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. one of these companies Upriselost 99 percent of client funds.
Terra Collapse Costs Uprise Big Losses
According to a report shared by the Seoul Economic Daily, the South Korean crypto firm Uprise announced that 99 percent of client funds were liquidated in the May Terra-LUNA collapse. The sum of these assets amounts to approximately US$ 20 million.
It was stated that 3 million dollars of the loss was covered by the company’s own fund, UpriseHe stressed that the firm is working on a compensation plan, he told local media.
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.
