Crypto Crunch – June 27, 2022

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Voyager Digital, LLC has issued a notice of default to Three Arrows Capital.

https://www.prnewswire.com/news-releases/voyager-digital-provides-market-update-301575492.html

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Credit Suisse Convicted in Historic Money-Laundering Case (SWX:CSGN) – Bloomberg

https://www.bloomberg.com/news/articles/2022-06-27/credit-suisse-convicted-of-failing-to-prevent-money-laundering

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Enjoy the show 🍿

Crypto Firms On Alert During Market Uncertainty

6/13 Celsius was one of the major players to shake the crypto world after it paused withdrawals, swaps and transfers between accounts

Multiple cryptocurrency exchanges and lending platforms have announced halts on withdrawals in the past two weeks as markets across the world have been grappling with bear territory.

6/14 Binance paused bitcoin withdrawals for about three hours amid Celsius’ impact

6/15 more market volatility came after it was reported digital assets-focused hedge fund firm Three Arrows Capital (3AC) is facing potential insolvency after a $400 million liquidation

6/16 Finblox, a Hong-Kong based crypto staking and yield generation platform which secured investment from 3AC, said it will impose a $1,500 monthly withdrawal limit and pause reward distribution

6/17 Crypto lender Babel Finance suspended withdrawals and redemptions on Friday

6/20 Hong Kong-based crypto exchange Hoo said in a blog post it would be delaying withdrawals for 24 to 72 hours (The exchange reopened withdrawal for some tokens starting Wednesday 6/23)

6/21 Sydney-based crypto lender Maple Finance also faced liquidity pressures, lenders must wait for borrower repayments. “There may be instances where there is insufficient cash in pools,”

6/22 crypto broker Voyager Digital revealed Wednesday it had exposure to 3AC where the company sought to recover about $657 million allegedly loaned to the hedge fund

6/23 Crypto exchange CoinFLEX was one of the most recent firms to announce a pause in withdrawals

6/27 Monday, Voyager issued a notice of default to 3AC after the latter failed to make any required payments and engaged Moelis & Company as financial advisors, and accessed the first $75 million of its line of credit with Alameda Research

When one of the largest crypto hedge funds can be underwater due to leverage, participants in the market must be aware of the total leverage in the market and how it is affected during times when this credit suddenly vanishes,” Mads Eberhardt, Cryptocurrency Analyst at Saxo Bank told Blockworks

[That] has the power to take many crypto lenders to their knees, effectively fueling the contagion further,” 🔥🔥🔥🔥🔥🔥

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Crypto-focused hedge funds are increasingly shorting U.S. dollar-pegged stablecoin Tether (USDT) amid a bleak market outlook nearly a month after the implosion of terraUSD (UST), WSJ said in a report on Monday.

https://www.coindesk.com/markets/2022/06/27/crypto-hedge-funds-traders-short-tether-after-usts-implosion-report/

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Bitpanda To Slash Nearly 30% of Workforce, Citing Recession Threat

“Nobody knows when the market sentiment will change,” Bitpanda (Peter Thiel-backed cryptocurrency exchange) told employees

Coinbase, one of the best-known exchanges, recently said it would cut 1,100 jobs due to expectations of a recession. Vauld, BlockFi, Crypto.com, Gemini, BitMEX, Buenbit and Bitso have all recently announced layoffs during one of the difficult periods for the industry

Record inflation and commodity shortages due to Russia’s war in Ukraine have created production challenges the world over. David Malpass, head of the World Bank, said on Sunday that some countries will find it especially hard to avoid a recession 🔥🔥🔥🔥🔥🔥

Join us:

@QuantumStellarInitiative

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Lobstr ✅ QSI.xmint.io

http://www.QSIResources.com

https://youtube.com/channel/UChCxSaSZyyvFnMINo3sUQtQ

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