Crypto: A Bernie Madoff-style scheme may have crushed prominent lenders

Crypto: A Bernie Madoff-style scheme may have crushed prominent lenders

An unprecedented crisis of confidence has affected the cryptocurrency industry for several months.

To gauge this, just look at cryptocurrency prices, which are often associated with a platform or project. The cryptocurrency market has lost $2 trillion in value since hitting an all-time high of $3 trillion in early November, according to data firm CoinGecko. The price of Bitcoin, the king of cryptocurrency, has fallen by more than two-thirds since it reached an all-time high of $69,044.77 on November 10.

The crisis intensified earlier this spring with an event that appears to have been contained. In early May, its sister coins Luna and UST or TerraUSD collapsed. The reason for the fall of the two cryptocurrencies was the fact that several investors wanted to liquidate their positions at the same time. At least $55 billion was wiped out in this disaster.


#Crypto #Bernie #Madoffstyle #scheme #crushed #prominent #lenders

Leave a Comment

Your email address will not be published.