Three projects in all have incurred losses totaling more than $15 billion. Here, I’ll describe these initiatives in more detail.
FTX
The largest failure in the cryptocurrency sector in 2022 is Ftx. Sam Bankman-Freed created FTX in 2019, and it has the third-highest capitalisation among all cryptocurrency exchanges. However, due to a lack of funding, the firm declared bankruptcy on November 11. The exchange’s market capitalisation was $ 3.5 billion a week before it crashed.
Celsius Network
This is a landing and stacking cryptocurrency banking DeFi platform. The platform stopped allowing withdrawals of money on June 13 and eventually filed for bankruptcy after paying $1 billion in arrears to creditors.
Voyager Digital
A 2018-founded bitcoin trading platform in the United States. The firm declared bankruptcy on July 6. At that time, expected obligations to creditors were in the same range as estimated assets, which varied from $1 to $10 billion. Currently, the corporation plans to purchase the American branch of the Binance cryptocurrency exchange.