Korean funeral services company lost $33 million of its customers' money over a bad crypto bet — firm was secretly investing client funds into leveraged crypto ETFs
A Korean funeral services company, Bumo Sarang, lost $33 million of its customers' money after investing in a leveraged crypto ETF. The company had put $40 million into the T-REX 2X Long BMNR Daily Target ETF, which has significantly decreased in value. This incident highlights broader issues of financial mismanagement and insolvency within the funeral services industry in Korea.
- ▪Bumo Sarang invested 59.5 billion Won ($40 million) into a leveraged crypto ETF, resulting in a loss of $33 million.
- ▪The company is part of a larger investigation revealing that 43% of audited funeral service companies in Korea are technically insolvent.
- ▪Funeral service companies in Korea operate under less stringent regulations compared to banks, allowing them to exploit customer deposits.
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Tech Industry Cryptocurrency Korean funeral services company lost $33 million of its customers' money over a bad crypto bet — firm was secretly investing client funds into leveraged crypto ETFs News By Hassam Nasir published 21 May 2026 It wasn't even the only company siphoning customer funds. When you purchase through links on our site, we may earn an affiliate commission. Here’s how it works. (Image credit: Getty Images) Copy link Facebook X Whatsapp Reddit Pinterest Flipboard Email Share this article 0 Join the conversation Follow us Add us as a preferred source on Google Newsletter Subscribe to our newsletter Last year, a funeral services company in Korean called Bumo Sarang put 59.5 billion Won ($40 million) of its clients' money into a leveraged crypto ETF, which is now worth just…
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