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In May 2022, the crypto community was shattered by the crash of the Terra ecosystem. One year after, we are reconstructing the events, from luna’s depeg to Terraform CEO Do Kwon becoming a criminal. Terra and its sibling token LUNA have charted a rollercoaster journey across the crypto universe one year
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The United States Government Accountability Office, or GAO, has released its preliminary review of the failures of Silicon Valley Bank and Signature Bank — and included exposure to deposits from the cryptocurrency industry.In a report released on May 11, the GAO said “poor governance and unsatisfactory risk-management practices” led to
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FSMA had “informed the public prosecutor of irregularities noted in regard to the former management” while assessing the company’s application under money-laundering rules, the statement said, adding that the company had been “forced to modify all its governance structures” as a result of the regulator’s findings. Source
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The recent takeover of First Republic Bank, the fourth U.S. bank to fail this year, has awakened concerns about the possible repercussions this new failure might have on U.S. and international economies. While United States President Joe Biden has assured the public that the banking system remains safe, analysts are
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Amid the collapse of the second, third, and fourth largest banks in American history, U.S. president Joe Biden reassured the public that the country’s banking system remains sturdy. However, the president also acknowledged the “threat by the speaker of the House to default on the national debt.” Biden Expresses Confidence in
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Bridgewater Associates founder Ray Dalio has warned that the U.S. and China are “on the brink of war” and “are beyond the ability to talk.” The billionaire added that their relations “are getting so bad” that U.S.-China trade could collapse. He cautioned that the next 18 months “will be a
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The fall of Signature Bank (SBNY) has been linked to a combination of executive mismanagement and insufficient intervention by federal regulators, exacerbating the bank’s exposure to risks in the crypto industry and the ripple effects from
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On April 27, Skybridge founder Anthony Scaramucci revealed what the final days of FTX were like, claiming that most employees of the failed crypto exchange probably didn’t know what its executives were doing behind closed doors until it was too late.In a panel discussion called “FTX: What Happened?” at Consensus
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A bill published for comment includes restrictions on stablecoins, proof-of-work mining and crypto staking. Source
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The crypto space endured a series of unfortunate events in 2022, beginning with the Terra debacle and ending with FTX’s chaotic death spiral. These events heightened consumer skepticism and hesitancy toward crypto platforms; yet, the industry is holding steady today. The market is even trending upwards at the time of writing. Crypto’s
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