A Korean pre-paid funeral company, "Parents' Love," has lost 49.3 billion KRW (approximately $37 million) after investing clients' advance payments in Ethereum using 2x leverage. The company's decision to invest in Bitmine Immersion Technologies, a major Ethereum treasury firm, resulted in a significant financial loss, with the value of their investment plummeting from 59.5 billion KRW to 10.2 billion KRW. This loss is equivalent to eight years of the company's annual revenue, leaving them unable to refund clients who cancel their contracts.
In another bizarre crypto story, a website claims it can theoretically earn $80 billion by brute-forcing Satoshi Nakamoto's Bitcoin wallet. Despite the improbability, the site has attracted attention for its audacious claim. Meanwhile, former Shaolin Temple abbot Shi Yongxin has been sentenced to 24 years in prison for various crimes, with rumors circulating that investigators found mnemonic phrases for a Bitcoin wallet worth $130 million engraved on his prayer beads.
Korean Funeral Firm Loses Billions in Ethereum Leverage Bet
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