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

Bumo Sarang, a funeral services company in Korea, lost $33 million after it invested $40 million of its own customers’ money into a leveraged crypto ETF. These funds were meant for prepaid funeral services, but the company exploited loopholes to siphon them into creative investments. Unfortunately, almost half of the industry in involved in similar practices.