As markets began leveling off from a freefall, Crypto Twitter spent a bit more time discussing the latest bailouts.
At the beginning of the month, Voyager filed for Chapter 11 bankruptcy shortly after revealing in June that it had a $661 million exposure to Three Arrows Capital (3AC), a crypto hedge fund that itself filed for Chapter 15 bankruptcy on the first of the month after failing to meet margin calls.
This week, Celsius became the latest lender to throw in the towel, filing for bankruptcy little more than a month after it had frozen withdrawals to “stabilize liquidity.”
Zac Prince, CEO of crypto lender BlockFi, which has been battling rumors of insolvency for over a fortnight, took to Twitter to stress that his company is not in the same boat.
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PSA to journalists + market commentators
It's time to stop putting @BlockFi in the same bucket / sentence as Voyager and Celsius. Two months ago we looked the "same". They shut down and have impending losses for their clients.
— Zac...
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