Illustration by Alex Castro / The Verge
This week has revealed to the average investor just how interconnected cryptocurrency firms are. Two firms have frozen withdrawals, and a cryptocurrency hedge fund is in trouble. Celsius Network, Babel Finance, and Three Arrows Capital are floundering, and it’s not yet clear how extensive the damage may be.
All three firms managed other peoples’ money
This week started with a Sunday night announcement from the Celsius Network, a gigantic crypto lending company, that it would pause withdrawals and transfers. After that, the value of Bitcoin and other cryptocurrencies, already weeks into a slide that some have termed a “crypto winter,” plunged even further, and five days later, the news hasn’t improved much.
All three firms managed other peoples’ money. Celsius Network wooed retail investors. Babel Finance, which CNBC says has 500 clients, raised $80 million in a funding round a month ago. 3AC, which invested in crypto startups, managed $10...
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