South Korean Funeral Company Wipes $33M on 2x Leveraged ETH Bet

The breakdown:

- Company: Boomosarang, South Korean funeral operator

- Funds used: Pre-paid funeral funds from real clients

- Position: 2x leveraged ETF tracking BitMine (largest corporate ETH holder)

- Entry: $43M total position

- Current value: Approximately $7M after recent crypto correction

- Loss: $33M of client money destroyed

How 2x leverage worked against them:

- BitMine tracks Ethereum through its corporate balance sheet exposure

- 2x leverage doubles gains and doubles losses

- A normal ETH correction became an 84% capital wipeout

- The math does not care about fiduciary obligations

Industry context:

- 43% of South Korean funeral homes already in financial distress

- This was not a single rogue decision — it appears sector-wide

- Management is now evaluating whether they can survive client refund demands

The actual risk management failure:

Not crypto. Not ETH. The failure was three decisions made simultaneou...