Factbox: Crypto's string of bankruptcies

BlockFi said its substantial exposure to FTX had created a liquidity crisis. The New Jersey-based lender had relied on a $400 million FTX credit facility to stay afloat after competing crypto lenders Voyager Digital Ltd and Celsius Network went bankrupt earlier in 2022.in November after suffering withdrawals of about $6 billion in just 72 hours and rival crypto exchange Binance ditched a possible rescue.

FTX's affiliated hedge fund Alameda Research also filed for bankruptcy. The collapse of the companies, founded by former billionaire Sam Bankman-Fried, became one of the most high-profile failures in the crypto sector. Investors in FTX had included BlackRock and Canada's biggest pension plan.this month to criminal charges that he cheated investors in FTX and caused billions of dollars in losses.

Those meltdowns wiped out $42 billion in investor value, and led to an arrest warrant in South Korea for terraUSD's developers.Our Standards:

Thanks! Something fun to snarking about focus on beyond George Santos, my favorite for humor icon lately, in news! (PS: speaking of, like what is the SouthPark & / or similarly styled equivalent plan dudes?!?!) 😊

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Genesis' Crypto Lending Businesses Files for Bankruptcy ProtectionThe collapse of FTX in late 2022 was the final straw for Genesis, which earlier that year reportedly suffered losses of several hundred million dollars due to its exposure to failed crypto hedge fund Three Arrows Capital. withdraw bitcoin WHILE YOU CAN What a surprise. Absolutely shook 4)
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Crypto lending unit of Genesis files for U.S. bankruptcyThe lending unit of crypto firm Genesis filed on Thursday for U.S. bankruptcy protection from creditors, toppled by a market rout along with the likes of exchange FTX and lender BlockFi. withdraw bitcoin and bankrupt them all “Cryptocurrency is not merely a bad investment or speculative bubble. It’s worse than that: it’s a full-on fraud.”
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