WMD66GUZJ5N3XNYTHHJNLADPGM The crypto crash: Which companies took the biggest hit?

The crypto crash: Which companies took the biggest hit?

– Cryptocurrencies have been hard hit by fears interest rate hikes will end the era of cheap money, with the worlds largest digital asset, bitcoin, down more than 56% from this years high. Several crypto companies have filed for bankruptcy or have been forced to look for emergency capital infusions.

– Singapore-based crypto hedge fund Three Arrows Capital (3AC) filed for Chapter 15 bankruptcy on July 1. The downfall of 3AC appeared to stem from the firm’s bet on the Terra ecosystem, which was behind failed stablecoin terraUSD.

– New Jersey-based crypto lender Celsius suspended withdrawals on June 12 and a month later filed for Chapter 11 bankruptcy, listing a $1.19 billion deficit on its balance sheet.

– Crypto lender Voyager Digital (VYGVQ.PK) filed for Chapter 11 bankruptcy on July 6, reporting that it had $110 million worth of cash and crypto assets on hand.

– Singapore-based crypto lender Vauld on July 8 filed with a Singapore court for protection against its creditors, after suspending withdrawals days earlier.

 

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