South Korean funeral firm loses $33M of customer prepayments on leveraged crypto ETF

Bumo Sarang, a South Korean funeral mutual aid company, recorded 49.3 billion won ($33 million) in unrealized losses after an audit revealed where it was investing its customers’ prepayment funds.  The money was put into a leveraged cryptocurrency ETF tied to Bitmine (NYSE: BMNR), where it crashed and lost over half of its value. An...