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

A Korean funeral services company, Bumo Sarang, reportedly used customer prepaid funds to buy a leveraged crypto ETF tied to BitMine.

The 59.5 billion won position fell to 10.2 billion won, leaving a loss of roughly $33 million.

The case has raised concerns about weak oversight, embezzlement, and the safety of prepaid funeral money in Korea.

It highlights the risk that customers may lose access to refunds or services if firms misuse entrusted funds.