CeFi meltdown, Grayscale rejected, Bored Ape lawsuit
CeFi Meltdown
Modified Date:- Published Date:-Categories: Cryptocurrency
CeFi meltdown, Grayscale rejected, Bored Ape lawsuit
Contagion was the theme of last weeks Offchain, but the news hasnt gotten any better in the intervening seven days. The list of centralised yield providers to have halted withdrawals or otherwise signalled their deep financial distress continues to expand, with Coinflex, Babel and Finblox joining Celsius, BlockFi and Voyager in the naughty kids corner.
An increasingly prominent part of the crippling chain reaction is the collapse of 3 Arrows Capital, whose bankruptcy could, by some estimates, leave investors and trading partners US$1.6 billion in the hole. And just when 3AC head honcho Zhu Sus US$50 million superyacht was due to be delivered too.
Meanwhile, FTXs Sam Banks-Friedman is riding to the rescue of BlockFi and Voyager, both of which could be essentially insolvent already, while Goldman Sachs is rumoured to be circling Celsius.
CeFi, Contagion, Weeks Off chain, Cryptocurrency, Coinflex, FTXs, Blockfi, Celsius, 3AC, Babel, Voyager, Bankruptcy