(Reuters) - Crypto firms, which boomed during the COVID-19 pandemic, have run into difficulties recently due to a slump brought on by the downfall of a major token in May and a global risk-off sentiment.
Below are some of the firms that have run into trouble recently:
The South Korea-based company, which is behind the dollar-pegged stablecoin TerraUSD and its paired token Luna, plunged in value in May, sparking sell-offs and igniting a chain reaction.
The company's co-founder, Do Kwon, announced in May a "recovery plan", with additional outside funding and rebuilding of TerraUSD so that it is backed by reserves rather than relying on an algorithm to maintain its 1:1 dollar peg.
An official at South Korea's Supreme Prosecutors' Office said on June 21 that several employees of Terraform had been put on a no-fly list and cannot leave the country.
The U.S.-based crypto lender said on July 6 it had filed for bankruptcy.
In its Chapter 11 bankruptcy filing, Voyager estimated that it had...
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