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Crypto Crash Hit These Companies The Hardest
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Factbox-The crypto crash hit these companies the hardestCryptocurrencies have been hard hit by fears interest rate hikes will end the era of cheap money, with the world's largest digital asset, bitcoin, down more than 56% from this year's high.
Several crypto companies have filed for bankruptcy or have been forced to look for emergency capital infusions.Three Arrows CapitalSingapore-based crypto hedge fund Three Arrows Capital (3AC) filed for Chapter 15 bankruptcy on July 1.Once a formidable player in the digital asset space, the downfall of 3AC appeared to stem from the firm's bet on the Terra ecosystem, which was behind failed stablecoin terraUSD.
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