Crypto Carnage Pushes Celsius, Three Arrows Capital Near Default, June 9-16 According to Cointelegraph

The 2022 edition of crypto winter is unlike anything we’ve seen before. As I warned last month, the downturn in the ecosystem doesn’t end with Luna Classic (LUNC) hitting zero. The biggest threat is the contagion. As the dust began to settle, we finally saw who was left holding the bag. Cryptocurrency lender Celsius and Singapore-based venture firm Three Arrows Capital have suffered heavy losses during the bankruptcy process. These companies, once a staple of the budding crypto industry, are now in danger of collapsing after weeks of massive market sell-offs.

According to reports, Celsius is seeking advice from a lawyer about the restructuring

Alex Mashinsky’s Celsius dominates the headlines this week after popular crypto lender Withdrawal paused due to “extreme market conditions.” During the freeze, the company transferred approximately $247 million in bundles (wBTC) from Aave and sent it to derivatives exchange FTX, along with $74.5 million worth of Ether (ETH). Doesn’t take much time rumors of possible default of Celsius to proliferate. In response, Celsius is said to have hired a lawyer to advise on the restructuring plan. Digital asset lending company Nexo has tabulate an acquisition proposal to Mashinsky’s team, no response was received until June 20.

Su Zhu’s confusing statement when there were rumors surrounding 3AC’s liquidation and default

Cryptocurrency exchange Coinbase (NASDAQ:) to cut staff by 18% amid bear market

aims to reduce USDT’s commercial paper backing to 0

Before you leave! Don’t let the bear market distract you from the Metaverse