Celsius Network logo and representations of cryptocurrencies are seen in this illustration taken, June 13, 2022. REUTERS/Dado Ruvic/Illustration
July 6 (Reuters) - Crypto lenders, 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:
Terraform Labs
The South Korea-based company, which is behind the dollar-pegged stablecoin TerraUSD and its paired token Luna, has plunged in value in May, sparking sell-offs and igniting a chain reaction. read more
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. read more
An official at South Korea's Supreme Prosecutors' Office said on June 21 that several employees of Terraform had been...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...