Another serious blow to crypto’s reputation
, which was then the industry’s third-largest exchange. When crypto prices collapsed earlier this year he swooped in with loans for Voyager and BlockFi, providing the crypto-lending ventures hundreds of millions of dollars, and snapped up assets from Three Arrows, a distressed crypto hedge fund. Many compared him to John Pierpont Morgan, the banker who saved the American financial system in 1907.
. He planned to give away much of the rest, having endorsed effective altruism, a social movement that espouses charitable giving to safeguard humanity’s future. Politically engaged, seemingly altruistic, decidedly not a crypto bro: many thoughtOh, how the mighty have fallen. After rumours thatmight be insufficiently liquid began to swirl, investors pulled $650m of assets from the exchange on November 7th, before it stopped meeting requests.
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