7 hours ago
South Korean ceremonial work institution Bumo Sarang is sitting connected astir 49.3 cardinal won ($32.7 million) successful unrealized losses aft investing astir $40 cardinal successful lawsuit funds into leveraged crypto exchange-traded funds (ETFs).
Bumo Sarang invested successful the T-REX 2X Long BMNR Daily Target ETF (BMNU), which doubles the regular returns of Ether (ETH) treasury institution Bitmine, according to the company’s audit report for 2025.
Another ceremonial work company, Christian Funeral Family of Faith, recorded a $331,700 nett nonaccomplishment past year, according to Korea Economic Daily.
The findings renewed scrutiny implicit South Korea’s ceremonial communal assistance industry, which is supervised by the Fair Trade Commission (FTC) alternatively of fiscal regulators, contempt managing ample pools of lawsuit prepaid funds.
Korea Economic Daily reported that astir 43% of section ceremonial work providers held less assets than lawsuit beforehand payments, raising concerns astir whether immoderate of them could repay customers successful the lawsuit of wide cancellations.
Bumo Sarang audit study for 2025. Source: FTC
A spokesperson for Bumo Sarang told the section outlet that the institution is lone facing a “short-term unrealized nonaccomplishment owed to planetary marketplace volatility,” which remains “sufficiently controllable wrong the company's fiscal buffer.”
Cointelegraph reached retired to Bumo Sarang and Family of Faith for remark but did not person a effect earlier publication.
Related: South Korea’s Shinhan Card taps Solana to trial real-world stablecoin payments
South Korean superior piled into Ether-linked stocks successful 2025
A ample chunk of South Korean retail superior rotated retired of tech stocks and into Ethereum treasury companies past year.
“There’s astir $6 cardinal of Korean retail superior propping up the Ethereum treasury companies,” wrote Samson Mow, the CEO of Bitcoin tech institution JAN3, successful an Oct. 6 X post. He added that immoderate of those retail buyers didn’t recognize the risks of investing successful Ether.
ETH, BMNR, year-to-date chart. Source: Cointelegraph/TradingView
Ether’s terms fell implicit 28% twelvemonth to day successful 2026 and was trading supra $2,118 astatine the clip of writing. Bitmine’s banal terms fell astir 40% during the aforesaid play to $18.7, TradingView data shows.
Bitmine president Tom Lee described Ether’s driblet beneath $2,200 arsenic an “attractive opportunity” aft the treasury institution bought different 71,672 Ether, according to Cointelegraph reporting earlier Tuesday.
Magazine: Singapore isn’t a ‘crypto hub’ — it’s thing better: StraitsX CEO
Cointelegraph is committed to independent, transparent journalism. This quality nonfiction is produced successful accordance with Cointelegraph’s Editorial Policy and aims to supply close and timely information. Readers are encouraged to verify accusation independently.
English (US) 