Bumo Sarang, South Korea’s seventh-largest funeral mutual aid company, recorded 49.3 billion won ($33 million) in unrealized losses after investing about 59.5 billion won ($40 million) of customer prepayment funds in the T-REX 2X Long BMNR Daily Target ETF (BMNU), a leveraged product tied to Bitmine Immersion Technologies. The company’s investment book value fell to 10.2 billion won ($6.8 million). The report says an investigative review of 75 South Korean funeral mutual aid companies found that 32 firms, or roughly 43%, held total assets below the amount of customer advance payments, raising concerns over a broader “Zombie Sangjo” crisis. The sector is supervised by the Fair Trade Commission rather than financial regulators, and under current law companies need to keep only 50% of customer prepayments protected, while the remainder can be invested in assets including leveraged crypto ETFs. As of May 2026, six legislative proposals are pending to restrict these investment practices and ban loans to major shareholders.