Losing 99% of funds while shorting Luna, the biggest crash in crypto history

By Market Observer • July 9, 2022

This crypto startup firm, Uprise, lost 99% of its client funds while shorting Luna during its price crash. Luna crashed 99.98% within 1 week from Thursday, 5 May 2022 to the following Thursday, 12 May 2022. Just 1 week ago, Luna's market capitalization was USD28 billion. 1 week later, this USD28b crashed by 99.98%. This is the fastest and biggest price crash in crypto history. A short-seller who shorted Luna should be making huge sums of money in quick time. Yet, Uprise lost 99% shorting Luna. How can this happen? The answer can be found in the hourly price chart of Luna. Luna surged violently by 708% within an hour from 13 May 2022 10 am-11 am. I guess this is the hour that pretty much killed Uprise. Even if Uprise survived this hour, there were several other hourly intervals when Luna surged above 100% and even 300%. ( The hourly price data are based on the trading history of Luna spot on

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