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DISASTROUS EFFECT OF CRYPTO DUE TO ITS COLLAPSE TERRA USD AND LUNA ISSUE

DISASTROUS EFFECT OF CRYPTO DUE TO ITS COLLAPSE TERRA USD AND LUNA ISSUE

The wave of closures has created fears of the risk of infection. Major lenders Celsius Network and Babel Finance have blocked withdrawals, while Three Arrows Capital, a major crypto hedge fund funder, faces liquidity problems that plague investors.


The total market value of cryptocurrensets, which reached $ 3 trillion in November, dropped to $ 991 billion, according to data from CoinGecko.


Below are some recent developments from crypto fallout.


DeFi Startup Kyber Reveals Financial Exposure


The head of the Kyber Network, a suspended trading platform, said the company had a "small portion" of Treasury exposed to the troubled crypto hedge fund Three Arrows Capital, and had not received a response regarding the tokens held by the fund.


“We have tried to talk to them but so far there are no answers. We are taking legal action, ”said Loi Luu, Kyber's chief executive, on Twitter. Kyber said it could continue its development for many years. Luu did not respond immediately on Friday when asked if a case had been opened.


Three Arrows law firm, Solitaire LLP, did not respond to a request for comment.


Crypto Yield Firm CoinFlex Suspends Withdrawal


Crypto physical futures exchange CoinFlex said it had temporarily suspended all withdrawals from its platform, citing "extreme market conditions" last week and "continued uncertainty involving its partners," without revealing the name. The company said the company is not owned by Three Arrows Capital or any other lending company.


Launched in 2019, CoinFlex is a small crypto exchange focused on exit trading. CoinGecko indicates that it currently supports 34 pairs of crypto for derivatives. Exchange investors include Roger Ver, one of the most talked about Bitcoin Cash advocates.


CoinFlex gave the withdrawal deadline of June 30. A company representative said in an email to Bloomberg that it was "working on a solution to resolve the situation and resume withdrawal," and would communicate directly with customers, colleagues and partners. . The CoinFlex website said its next update will be on June 27th.


Voyager Digital Limits Withdrawal


Crypto Brokerage and exchange Voyager Digital Ltd. limits customer withdrawals from its location up to $ 10,000 and 20 payments over a 24-hour period.


A New York-based company, which received $ 485 million in loans last week from Alameda Research to strengthen customer asset protection, has announced restrictions on its website. This week, it disclosed the disclosure of an estimated $ 660 million in crypto hedge crisis fund Three Arrows Capital, sending shares down as analysts raise hopes of further damage.


Voyager shares in Toronto fell 95 percent this year.


Crypto Lender Nexo Taps Citigroup for M & As


Nexo, a crypto lender who has set himself up as a vulnerable person in the storms that are rocking the country's economy, has said he has hired Citigroup Inc. to advise on possible purchases.


The lender said it wanted "banking advice", including "liquidity restructuring agreements," according to a June 22 blog.


Nexo has made an unsolicited promise to acquire the assets of its rival Celsius, which has stopped withdrawing investors. The proposal "was not implemented," Nexo's spokesman said in an email. Citigroup declined to comment.

Source: yahoo



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