• 3AC Founder Zhu Su has accused DCG and FTX of misleading the crypto community and engaging in criminal fraud, leading to the collapse of Terra (LUNA).
• Bitcoin prices have plummeted from $48,000 in early 2022 to around $16,000 due to the bankruptcy of major companies such as FTX, Three Arrows Capital, Genesis, and Voyager.
• The losses of Genesis Trading are connected to over-leveraged fund manager Three Arrows Capital and Hong Kong crypto financier Babel Finance, who are owed $900 million.
In the year 2022, the global markets, especially the cryptocurrency markets, saw some of the most challenging times in history. A number of unfavorable events such as bankruptcies of major companies, including FTX, Three Arrows Capital, Genesis, and Voyager, occurred, with the most significant being the collapse of Terra (LUNA), which is said to have been caused by criminal fraud initiated by DCG and FTX.
The bankruptcy series of these high-profile companies started with Three Arrows Capital and Genesis Trading, a cryptocurrency market operator and financing company. According to sources, the losses of Genesis Trading are connected to over-leveraged fund manager Three Arrows Capital and Hong Kong crypto financier Babel Finance, who are owed $900 million. This bankruptcy has been followed by a number of other major companies, leading to a major crash in the crypto markets.
3AC Founder Zhu Su has been vocal in his criticism of DCG and FTX, accusing them of misleading the crypto community and engaging in criminal fraud to cause the collapse of Terra (LUNA). He has stated that the companies have caused immense losses to the crypto community and should be held responsible for their actions.
The fallout of these events has been far-reaching. Bitcoin prices have dropped significantly, with prices now being around $16,000, a far cry from the $48,000 that it was selling at in early 2022. This has led to immense losses for the crypto community and investors, with many being left out of pocket due to the actions of these companies.
Overall, the events of 2022 have led to significant losses for the crypto community and investors. 3AC Founder Zhu Su has accused DCG and FTX of criminal fraud and misleading the crypto community, with the losses of Genesis Trading being connected to over-leveraged fund manager Three Arrows Capital and Hong Kong crypto financier Babel Finance, who are owed $900 million. Bitcoin prices have plummeted from $48,000 in early 2022 to around $16,000 due to these events, leading to major losses for investors. It remains to be seen how the crypto markets will recover from this fallout and if justice will be served to those responsible for the collapse of Terra (LUNA).