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How a Korean Funeral Company Lost $33M Betting Customer Funds on Ethereum ETF
Bumo Sarang, South Korea's 7th largest funeral company, lost $33M of customer prepaid funds in a leveraged ETH ETF bet.
What happened:
▪️ Invested $40M in T-REX 2X Long BMNR ETF (BMNU)
▪️ Position crashed to $6.8M by end of 2025
▪️ 2X daily ETF tied to BitMine (Tom Lee's ETH treasury firm)
Why it collapsed:
Leveraged ETFs reset daily → volatility decay destroys value in choppy markets. These are intraday tools, NOT long-term holdings.
Bigger problem:
▪️ 42.7% of Korean funeral firms can't cover customer obligations
▪️ ~$6B Korean retail capital exposed to ETH treasury companies
Smart Trader Lesson:
Trap Trader → holds 2X ETFs hoping for recovery
Smart Trader → uses them intraday with strict stops
Capital protection > FOMO. Always.