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Funeral company posts $33M in unrealized losses on crypto bet
In many countries, including South Korea, funeral homes operate a prepaid or mutual aid model where customers pay in advance for their own future funeral arrangements. They lock in costs and relieve their families of the financial burden later. These advance payments create large pools of customer funds that the company holds and is expected to manage conservatively until they are needed. For customers of the funeral service company Bumo Sarang, the assurance that their prepaid money still exists is now in question. Bumo Sarang is a South Korean funeral mutual aid company that sells prepayment plans for funeral ... (full story)
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