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Crypto Bankruptcies : a REMINDER Like any standard entity, a crypto company can file for chapter 11 / chapter 13 bankruptcy if it cannot fulfill its obligations to its investors. Here are some memorable Crypto Bankruptcies: 1. Mt. Gox (2014) One big hack in 2014, and the company suffered a fatal blow ! Before this GOX was handling 70% of all Bitcoin transactions in the market ! Most of the investors couldn't recover their funds... 2. Quadriga (2019) The cryptocurrency exchange declared bankruptcy after CEO, Gerald Cotten. Being the only person with access to the exchange’s cold wallets... the exchange couldn’t repay its customers. 3. FTX (2022) This was a huge HIT! FTX’s death started when a report broke on issues with Alameda Research ,the news further stated that Alameda had a debt profile of $8 billion. Following the news, Binance sold its assets in FTT which was the fatal blow. 4. Three Arrows Capital (2022) A liquidity crisis in 2022 left the firm with no choice but to file for bankruptcy with a debt of $3.5 billion. The collapse of UST, a stablecoin at that time was one reason the entity sunk. 5. Genesis (2023) Genesis died recently as it suffered thanks hugely to a loan loss at the hands of 3AC, who had already gone bankrupt a year prior. At the same time the end of FTX resulted in a loss of over $175 million of Genesis’ assets...
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