Once seen as ushering in a new era of decentralised finance, crypto has been rocked by two high-profile implosions in the span of weeks.
Celsius, one of the largest crypto lending platforms, announced on Sunday that it was freezing all transactions on its network following speculation it would be unable to meet returns promised on some of its products. That followed
to fight the highest inflation in decades, the speed at which crypto has plunged in recent weeks stands out. And while there’s little evidence of cracks so far in the broader US labour market, the losses in digital assets have led some crypto billionaires to resort to job cuts. Meanwhile, Cameron and Tyler Winklevoss saw their fortunes sag to $US3 billion each, from as high as $US5.9 billion apiece. The 40-year-old twin founders of crypto exchange Gemini, which announced this month that it would cut about 10 per cent of its workforce, areCoinbase Global, the largest US crypto exchange, rescinded employment offers as crypto prices kept plunging. Founders Brian Armstrong, 39, and Fred Ehrsam, 34, once worth a combined $US18.
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