Bad year for the cryptocurrency industry
It’s been a banner year for cryptocurrency – if by banner you mean massive losses of both money and market confidence.
First, there was the Terra/Luna debacle in May, which resulted in an estimated $60 billion in loss within a week. Soon after, the founder of the Terra Network, Do Kwon, was arrested and is now awaiting bail.
As if that wasn’t catastrophic enough, FTX filed for bankruptcy in November, citing a liquidity crunch. The collapse of the cryptocurrency exchange was caused in part by a hack earlier in the year, and in part, according to 12 counts filed in a Manhattan court, by some alleged illegal activity.
Moreover, the founder of FTX, Sam Bankman-Fried, was arrested in December and is now out on a $250 million bond.
At the time, Binance – FTX’s main competitor – seemed very cavalier about the news, even going so far as to place a hostile takeover bid, then withdraw it.
But right now, Binance is in a hot seat with a similar possible outcome on the way.
[ad_2]
Comments