Blockchain / Crypto — sector dashboard · fobi

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FTX
FTX, valued at roughly $32 billion in January 2022, collapsed in November 2022 after reporting revealed its sister trading firm Alameda Research's balance sheet was heavily dependent on FTX's illiquid FTT token. The disclosure triggered a customer run, exposing that billions of dollars in FTX customer deposits had been commingled with and lent to Alameda; prosecutors later put the misused customer funds at around $8 billion. FTX, Alameda and about 130 affiliated entities filed for Chapter 11 bankruptcy on November 11, 2022, and Sam Bankman-Fried resigned as CEO. Bankman-Fried was convicted on seven counts of fraud and conspiracy in November 2023 and sentenced to 25 years in prison, while the bankruptcy estate has been working to repay creditors.
Obituary
Celsius Network
Celsius Network, a crypto lender founded in 2017 that promised customers high yields on deposited assets, halted all withdrawals, swaps and transfers in June 2022 citing extreme market conditions. The following month it filed for Chapter 11 bankruptcy in New York, with lawyers acknowledging a roughly $1.2 billion hole in its balance sheet and about $4.7 billion in customer funds locked up. Founder and former CEO Alex Mashinsky had repeatedly told customers that Celsius did not make uncollateralized loans and that their deposits were safe, while the firm was in fact making risky and uncollateralized loans and Mashinsky was quietly selling personal CEL holdings. Mashinsky pleaded guilty to two counts of fraud in December 2024 and was sentenced to 12 years in prison in May 2025; Celsius wound down through bankruptcy.
Obituary
BlockFi
BlockFi was a crypto lender, founded in 2017 in Jersey City, that offered interest accounts, crypto-backed loans and a rewards card and grew into one of the largest centralized lending platforms. After the 2022 market downturn and Three Arrows Capital's default damaged it, BlockFi turned to FTX, accepting a credit facility and acquisition option in July 2022, which left it heavily exposed when FTX collapsed in November 2022. BlockFi disclosed significant exposure to FTX on November 14 and filed for Chapter 11 bankruptcy on November 28, 2022, listing more than 100,000 creditors and liabilities of $1 billion to $10 billion. It wound down operations and distributed remaining assets to clients through 2023 and 2024.
Obituary
Terraform Labs
Terraform Labs built the Terra blockchain and its algorithmic stablecoin TerraUSD (UST), which held its dollar peg through a mint-and-burn relationship with the sister token LUNA rather than cash reserves, with demand juiced by the Anchor protocol's near-20% yields. In May 2022 UST lost its peg and entered a death spiral that hyperinflated LUNA's supply and erased roughly $40 billion in combined value within days, triggering contagion that helped sink Three Arrows Capital, Celsius and Voyager. U.S. authorities charged founder Do Kwon with fraud, alleging he had falsely told investors a computer algorithm restored UST's peg in 2021 when he had secretly arranged a trading firm to prop up the price. Kwon pleaded guilty in August 2025 and was sentenced in December 2025 to 15 years in prison; the company was wound down through liquidation.
Obituary
Voyager Digital
Voyager Digital was a publicly traded crypto brokerage, founded in 2018, that offered commission-free trading and interest accounts and claimed roughly 3.5 million users and about $5.9 billion in assets at its early-2022 peak. It had lent heavily to crypto hedge fund Three Arrows Capital, and when 3AC defaulted in June 2022 on a loan of $350 million in USDC and about 15,250 bitcoin, Voyager faced a shortfall it could not absorb and filed for Chapter 11 bankruptcy on July 5, 2022. A planned roughly $1.4 billion asset purchase by FTX fell through when FTX collapsed in November 2022, and a subsequent roughly $1 billion deal with Binance.US was abandoned in early 2023 amid opposition from the SEC and New York regulators. Voyager wound down and returned remaining assets to customers.
Obituary
Three Arrows Capital
Three Arrows Capital was a Singapore-based crypto hedge fund, founded in 2012 and managing as much as $10 billion at its peak, that made highly leveraged and concentrated bets across cryptocurrencies and derivatives. Its losses ballooned after the May 2022 implosion of Terra's LUNA, in which it held large exposure, and the broader market crash left it unable to meet margin calls. The fund defaulted on loans, including roughly $350 million in USDC and about 15,250 bitcoin owed to Voyager Digital, and a British Virgin Islands court ordered it into liquidation on June 27, 2022, after which it filed for bankruptcy in New York facing some $3.5 billion in creditor claims. The cascade of forced liquidations and counterparty defaults contributed to the collapses of Voyager, BlockFi, Genesis and other lenders.
Obituary