FtAlphaville does The Crypt.
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The grim reaper is stalking crypto markets. No degen is safe. These unfortunate souls have already heard knocks on their door. Who will be next?
Babel Finance
16 May 2022 – “The crypto financial market is full of opportunities and hidden risks” — Del Wang, Babel CEO
17 June 2022 – “Recently, the crypto market has seen major fluctuations, and some institutions in the industry have experienced conductive risk events. Due to the current situation, Babel Finance is facing unusual liquidity pressures. We are in close communication with all related parties on the actions we are taking in order to best protect our customers. During this period, redemptions and withdrawals from Babel Finance products will be temporarily suspended, and resumption of normal service be notified separately. We apologise sincerely for any inconvenience caused.”
Celsius Network
12 June 2022:
13 June 2022 – “Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, Swap, and transfers between accounts. We are taking this action today to put Celsius in a better position to honour, over time, its withdrawal obligations.”
Finblox
14 June 2022:
16 June 2022:
Terra/Luna
8 May 2022:
14 May 2022:
Three Arrows Capital
7 May 2022:
14 June 2022:
16 June 2022: “Three Arrows Capital failed to meet demands from lenders to stump up extra funds after its digital currency bets turned sour, tipping the prominent crypto hedge fund into a crisis that comes as a credit crunch grips the industry.”
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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