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Last year’s crypto crash continues into 2023, with many top crypto companies going bankrupt or out of business. Let’s look at the damage done so far.
This photographic illustration visually represents the digital cryptocurrency bitcoin in the foreground … [+]
important facts
January 20th: Genesis, one of the world’s leading cryptocurrency lenders, has announced that it has filed for Chapter 11 bankruptcy, another victim of the FTX collapse.
December 21: Core Scientific, one of the largest public Bitcoin mining companies, has filed for bankruptcy with $1.3 billion in debt across 1,000 to 5,000 creditors, but continues its mining operations.
November 28th: BlockFi, another top cryptocurrency lender, has filed for bankruptcy in the aftermath of the collapse of FTX, with which it had a major financial relationship, listing $1.3 billion in debt and ceasing operations.
Nov. 11: FTX, a top exchange trading platform by trading volume that has evolved into more than an exchange marketplace with retail investors who can trade crypto derivatives, has announced that it has entered bankruptcy proceedings, with $9 billion in debt. and sent shockwaves through the already damaged cryptocurrency industry. CEO Sam Bankman-Fried faces criminal charges.
August 9: Hodlnaut, a Singapore-based cryptocurrency lender, suspended withdrawals, token swaps and deposits, citing “market conditions,” and filed an application for creditor protection in the Singapore High Court days later.
July 5th: Crypto broker Voyager Digital suspended withdrawals days before it went bankrupt following a $660 million default from crypto hedge fund Three Arrows Capital, and now has 100,000 creditors. We owe $1.3 billion in debt.
July 5th: Three Arrows Capital (3AC), a Singapore-based cryptocurrency hedge fund managing nearly $10 billion in assets, has been forced to sell to creditors following the collapse of the popular cryptocurrency TerraUSD, in which 3AC has heavily invested. filed for Chapter 15 bankruptcy to seek protection from
May 12: TerraLabs, the popular blockchain whose cryptocurrency TerraUSD (UST) is pegged to the US dollar, has seen its cryptocurrency drop to 35 cents and its companion token LUNA (to stabilize the price of UST) at 80 cents. Suspended operations as it fell below 10 cents on the dollar. Meltdown and $1 trillion in assets wiped out as founder Do Kwon faces arrest warrant by South Korean authorities.
main background
Since the invention of the first cryptocurrency, Bitcoin (BTC), in 2008, the cryptocurrency industry has been in the Wild West and endured many crashes. Most of the crashes are traced back to Bitcoin, the most popular cryptocurrency of all time. In 2011, Bitcoin plummeted from $32 to $0.01. After Mt. Gox, a major cryptocurrency exchange at the time, revealed a security breach leading to the theft of 850,000 BTC. Between 2013 and 2015, Bitcoin suffered losses again, and in 2014, after Mt. Gox suspended withdrawals and U.S. monetary authorities began questioning Bitcoin and considered opening regulations. , in just two years he went from $1,000 to $170.
References
Crypto Crash Intensifies Amid Downfall of Industry’s ‘White Night’ Bankman-Fried (forbes)
Crypto Market Exceeds $1 Trillion For First Time In Months As Bitcoin Recovers From FTX-Led Crash (forbes)
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