A fool and his money are soon parted. Russia is known using crypto as it's sovereign money. The Russia bankruptcy of it's sovereign debt is not going to reverse anytime soon.
Maybe bankruptcy is too harsh a word. Both Belarus and Russia have defaulted on their foreign debt (click here). The West is absolutely correct to take Russian property and monies to provide for Ukraine.
By Joe Light
Voyager Digital, (click here) a major cryptocurrency lender, is throwing itself into bankruptcy. Its depositors are about to find out how messy, long, and costly that process can be.
Voyager (ticker: VOYG.CA) was part of a broad ecosystem of companies that took crypto deposits and paid high interest rates to customers. To earn that yield, Voyager lent the tokens to other investors at even higher rates.
But amid the turmoil that has struck the broader markets in recent weeks, some big crypto borrowers, such as the hedge fund Three Arrows Capital (3AC), stopped paying their debts. Depositors have clamored to get their funds back.
Last Friday, Voyager froze withdrawal requests. And on Tuesday evening, the company filed for Chapter 11 bankruptcy protection, describing itself as a victim of 3AC’s own bankruptcy and the general collapse in prices of cryptocurrencies such as Bitcoin . On Tuesday, before the filing, Voyager stock traded at 34 cents, down 99% from its November high....
June 16, 2022
By Olga Kharif
...1. What is crypto lending? (click here)
At first blush, crypto lending accounts look a lot like savings accounts offered by banks, but with cryptocurrencies instead of traditional money. An investor opens an account, deposits cryptocurrency and earns interest. Many deposits are in Bitcoin, while other investors use stablecoins -- tokens whose price is often pegged at $1. Others use lesser-known, more volatile cryptocurrencies. The accounts typically pay interest in the same currencies that are deposited. Some have rates that change daily. Others offer a fixed rate and the money is locked up for a fixed period....
June 16, 2022
By Oliver Knight
If the collapse (click here) of LUNA was cryptocurrency's Bear Stearns moment, Celsius Network threatens to become the industry's Lehman Brothers: the failure that exacerbates a market crisis.
Celsius, which resembles a bank while touting itself as a democratized interest income and lending platform, is rumored to be insolvent following a freeze on withdrawals over the weekend. Founded in 2018, Celsius had more than $8 billion lent out to clients and $12 billion in assets under management by May of this year, according to the company.
In the wake of the withdrawal freeze, Coinbase, BlockFi and Crypto.com have announced job cuts, while insolvency rumors are also beginning to emerge from crypto hedge fund Three Arrows Capital....
