Crypto Biz: Crypto carnage pushes Celsius, Three Arrows Capital closer to insolvency, June 9-16 By Cointelegraph

The 2022 version of crypto winter has been unlike anything we’ve seen before. As I warned last month, the meltdown of the ecosystem didn’t end with Luna Classic (LUNC) hitting zero. The biggest threat was contagion. As the dust began to settle, we finally got a glimpse of who was left holding the bag. Crypto lender Celsius and Singapore-based venture firm Three Arrows Capital suffered heavy losses during the debacle. These firms, once a staple of the budding crypto industry, now risk demise following weeks of massive selloffs in the market.

Celsius reportedly seeks advice from lawyers on restructuring

Alex Mashinsky’s Celsius dominated headlines this week after the popular crypto lender paused withdrawals due to “extreme market conditions.” During the freeze, the firm unstaked roughly $247 million in wrapped (wBTC) from Aave and sent it to the FTX derivatives exchange, along with $74.5 million worth of Ether (ETH). It didn’t take long for rumors of Celsius’ insolvency to proliferate. In response, Celsius has reportedly onboarded attorneys to advise on a restructuring plan. Digital asset lender Nexo has tabled a buy-out proposal to Mashinsky’s team, which has until June 20 to respond.

Su Zhu’s cryptic statement as rumors swirl of 3AC liquidations and insolvency

Crypto exchange Coinbase (NASDAQ:) slashes staff by 18% amid bear market

aims to decrease commercial paper backing of USDT to zero

Before you go! Don’t let the bear market distract you from the Metaverse