Cryptocurrency bubble explained

A cryptocurrency bubble is a phenomenon where the market increasingly considers the going price of cryptocurrency assets to be inflated against their hypothetical value. The history of cryptocurrency has been marked by several speculative bubbles.[1]

Some economists and prominent investors have expressed the view that the entire cryptocurrency market constitutes a speculative bubble. Adherents of this view include Berkshire Hathaway board member Warren Buffett and several laureates of the Nobel Memorial Prize in Economic Sciences, central bankers, and investors.

History

2011 booms and crashes

In February 2011, the price of Bitcoin rose to, then fell to that April. This spike was encouraged by several Slashdot posts about it. In June 2011, Bitcoin's price again rose, to . This came after attention from a Gawker article about the dark web market Silk Road. The price then fell to that November.

2013 boom and 2014–15 crash

In November 2013, Bitcoin's price rose to . It then gradually declined, bottoming out at in January 2015.

2017 boom and 2018 crash

The 2018 cryptocurrency crash[2] [3] [4] [5] [6] (also known as the Bitcoin crash[7] and the Great crypto crash[8]) was the sell-off of most cryptocurrencies starting in January 2018. After an unprecedented boom in 2017, the price of Bitcoin fell by about 65% from 6 January to 6 February 2018. Subsequently, nearly all other cryptocurrencies followed Bitcoin's crash. By September 2018, cryptocurrencies collapsed 80% from their peak in January 2018, making the 2018 cryptocurrency crash worse than the dot-com bubble's 78% collapse. By 26 November, Bitcoin also fell by 80% from its peak, having lost almost one-third of its value in the previous week.[9]

A January 2018 article by CBS cautioned about possible fraud, citing the case of BitConnect, a British company which received a cease-and-desist order from the Texas State Securities Board. BitConnect had promised very high monthly returns but had not registered with state securities regulators or given their office address.[10]

In November 2018, the total market capitalization for Bitcoin fell below $100 billion for the first time since October 2017,[11] [12] and the price of Bitcoin fell below $4,000, representing an 80 percent decline from its peak the previous January.[13] Bitcoin reached a low of around $3,100 in December 2018.[14] [15]

Timeline of the crash

Initial coin offerings

Wired noted in 2017 that the bubble in initial coin offerings (ICOs) was about to burst.[24] Some investors bought ICOs in hopes of participating in the financial gains similar to those enjoyed by early Bitcoin or Ethereum speculators.[25]

Binance has been one of the biggest winners in this boom as it surged to become the largest cryptocurrency trading platform by volume. It lists hundreds of digital tokens on its exchange.[26]

In June 2018, Ella Zhang of Binance Labs, a division of the cryptocurrency exchange Binance, stated that she was hoping to see the bubble in ICOs collapse. She promised to help "fight scams and shit coins".[27]

2020–2022 cryptocurrency bubble

2020–2021 bubbles

From 8 to 12 March 2020, the price of Bitcoin fell by 30 percent from $8,901 to $6,206.[28] By October 2020, Bitcoin was worth approximately $13,200.[29]

In November 2020, Bitcoin again surpassed its previous all-time high of over $19,000.[30] After another surge on 3 January 2021 with $34,792.47, Bitcoin crashed by 17 percent the next day.[31] Bitcoin traded above $40,000 for the first time on 8 January 2021[32] and reached $50,000 on 16 February 2021.[33] On Wednesday, 20 October 2021, Bitcoin reached a new all-time high of $66,974.[34]

In early 2021, Bitcoin's price witnessed another boom, rising over 700% since March 2020,[35] and reaching above $40,000 for the first time on 7 January. On 11 January, the UK Financial Conduct Authority warned investors against lending or investments in cryptoassets, that they should be prepared "to lose all their money".[36] On 16 February, Bitcoin reached $50,000 for the first time.[37] On 13 March, Bitcoin surpassed $61,000 for the first time.[38] Following a smaller correction in February, Bitcoin plunged from its peak above $64,000 on 14 April to below $49,000 on 23 April, representing a 23% mini-crash in less than 10 days, dipping below the March bottom trading range and wiping half a trillion dollars from the combined crypto market cap.

On 14 April, Coinbase, a much hyped crypto exchange, went public on the NASDAQ. Their shares grew by over 31% on their first day to $328.28, pushing their market cap to $85.8B.[39]

Other cryptocurrencies' prices also sharply rose, then followed by losses of value during this period. In May 2021, the value of Dogecoin, originally created as a joke, increased to 20,000% of value in one year.[40] It then dropped 34% over the weekend.

By 19 May, Bitcoin had dropped in value by 30% to $31,000, Ethereum by 40%, and Dogecoin by 45%. Nearly all cryptocurrencies were down by double-digit percentages.[41] Major cryptocurrency exchange Binance went down amid a market-wide price crash and traders are now seeking justice for their losses.[42] This was partly in response to Elon Musk's announcement that Tesla would suspend payments using the Bitcoin network due to environmental concerns, along with an announcement from the People's Bank of China reiterating that digital currencies cannot be used for payments.

Bitcoin and other cryptocurrencies experienced a solid recovery after Elon Musk met with leading Bitcoin mining companies to develop more sustainable and efficient Bitcoin mining.[43] After bottoming out on 19 July, by early September Bitcoin had reached $52,633.54 while Ethereum grew by over 100% to $3,952.13. After a short but significant fall, both crypto's peaked on 7 November 2021 at $67,566.83 and $4,812.09, respectively. The NASDAQ would peak 12 days later on 19 November at 16,057.44. Since bottoming out after the covid crash in 2020, Bitcoin had grown over 1,200% in value while Ethereum had grown over 4,000% in value while the NASDAQ had only grown around 134%.

In September, Bitcoin officially became a legal tender in El Salvador with many news sources wondering what countries would be next.[44]

As of October 2021, China has continued shutting down crypto trading and mining activities, and Tesla has not yet resumed payments with Bitcoin.

2021–2024 crash

After its peak, the crypto market began to fall with the rest of the market. By the end of 2021, Bitcoin had fallen nearly 30% from its peak down to $47,686.81, and Ethereum had fallen about 23% to $3,769.70. In December 2022, The Washington Post reported that there was "the sense that the crypto bubble has definitively popped, taking with it billions of dollars of investments made by regular people, pension funds, venture capitalists, and traditional companies".[45]

Date!Event
13 February 2022Four crypto agencies purchase Super Bowl ads: Coinbase, FTX, eToro, and Crypto.com. Coinbase becomes one of the most downloaded apps after their ad airs.[46]
Early AprilThe U.S. Securities and Exchange Commission (SEC) announce that they would begin to put regulations on the crypto agencies, setting the stage for a broad selloff.[47]
4 AprilBitmex becomes the first crypto agency to announce layoffs, laying off 25% of its workers.[48]
3 MayThe Federal Reserve raises interest rates by 0.5%, triggering a broad market selloff.[49] Over eight days, Bitcoin falls 27% to just over $29,000, while Ethereum falls 33.5% to around $1,960. The NASDAQ falls 12.5% during the following five days after the announcement.
10 MayCoinbase, with shares down nearly 80% from their peak, announces that if they went bankrupt people would lose their funds. The CEO later announces that they were at no risk of bankruptcy.[50]
5-13 MayTerraUSD and Luna, two stablecoins run by Terra, lose their pegs to the US Dollar and collapse, with the former being worth $0.10 and the latter nearly nothing.[51]
12 JuneCelsius Network, a crypto exchange, announces the halt of all withdrawals and transfers.[52] Bitcoin falls 15% the following day to nearly $22,500, while Ethereum falls to $1,200. A wave of layoffs from other crypto agencies accompanies this, including from Crypto.com and Coinbase.
13 JuneTron's algorithmic stablecoin, USDD, loses its peg to the US dollar.[53]
17 June
  • Bitcoin dips below $20,000 for the first time since December 2020, and Ethereum falls below $1,000 for the first time since January 2021.
  • Babel Finance, a crypto lender based in Hong Kong, freezes withdrawals.[54]
23 JuneCoinFlex pauses withdrawals after a counterparty, which it later named as Roger Ver, experienced liquidity issues and failed to repay a $47 million stablecoin margin call.[55]
27 JuneThree Arrows Capital, a cryptocurrency hedge fund, defaults on a $670 million loan from Voyager Digital, a cryptocurrency broker.[56]
30 JuneFTX announces they could acquire BlockFi, a crypto firm that had laid off 20% of their staff.[57]
Late JuneMany crypto agencies begin to rethink their spending as their funds begin to dwindle.[58]
2 JulyThree Arrows Capital declares bankruptcy, owing 27 creditors a total of US$3.5 billion.[59]
4 JulyVauld, a Singapore-based crypto lender backed by Coinbase and Peter Thiel, halts withdrawals and trading on its platform.[60]
5 July
6 JulyGenesis Trading discloses that it was exposed in the Three Arrows Capital bankruptcy.[63]
8 JulyBlockchain.com announces to its shareholders that it faces a potential $270 million loss from loans made to Three Arrows Capital.[64] [65]
11 July
  • Crypto miners in Texas temporarily shut down as an intense heat wave puts a strain on the energy grid.[66]
  • The Financial Stability Board (FSB) states that crypto "must be subject to effective regulation and oversight commensurate to the risks they pose".[67]
12 JulyA filing with the United States Bankruptcy Court for the Southern District of New York from attorneys representing Three Arrows Capital creditors states that the company founders' current whereabouts were unknown.[68] The court freezes the company's assets.[69]
14 JulyCelsius Network declares bankruptcy.[70]
19 JulySkyBridge Capital freezes withdrawals.[71]
20 July
  • Vauld files for protection against creditors, the equivalent of bankruptcy in Singapore.[72]
  • Zipmex, a Southeast Asian exchange, freezes withdrawals.[73]
25 JulyCoinbase comes under SEC investigation for potentially lying to their customers. This leads to a 21% drop in their stock the next day.[74]
8 AugustSingapore-based cryptocurrency lender and borrower Hodlnaut suspends withdrawals.[75]
7–8 NovemberFTT, FTX's main crypto coin, crashes and loses 80% of its value as the result of a run on the exchange.[76]
10 November
  • BlockFi halts withdrawals due to the turmoil from FTX.[77]
  • The largest stablecoin, Tether, loses its peg to the US dollar.[78]
11 NovemberFTX declares bankruptcy.[79]
16 NovemberBoth Genesis Global Trading and Gemini halt withdrawals.[80]
28 NovemberBlockFi declares bankruptcy, citing exposure to FTX as the main cause.[81]
20 January 2023Genesis files for Chapter 11 bankruptcy from exposure to FTX.[82]
12 February 2023Following the collapse of several big exchanges, no crypto agency purchased a Super Bowl ad.[83]
2 March 2023Shares in Silvergate Capital, an influential banker to the cryptocurrency industry, plunge 57.7% after the group said in a filing with the SEC that it would not be able to submit its annual 10-K report in time.[84] [85]
7 March 2023The SEC freezes BKCoin transactions and accuses it of being a fraud after they raised $100M.[86]
8–9 March 2023Silvergate Capital announces plans to liquidate its bank.[87] [88]
10–12 March 2023Shares in Signature Bank, one of the main banks to the cryptocurrency industry, drop as much as 32%, leading to its closure by the New York State Department of Financial Services in a bid to prevent the spreading banking crisis.[89] [90]
20 June 2023New Zealand–based ethical travel company We Are Bamboo loses millions of dollars on cryptocurrency trading before announcing it was folding and would not be refunding hundreds of customers for their prepaid trips, according to a report from liquidators BDO.[91]
15 August 2023Auckland-based cryptocurrency exchange Dasset goes into voluntary liquidation, leaving customers unable to access their funds and with the firm unresponsive to complaints.[92]
22 January 2024Terraform, creator of TerraUSD and Luna, files for Chapter 11 bankruptcy, over one and a half years after the collapse of their coins.[93]
14 February 2024The liquidator of the Kim Dotcom-founded Bitcache indicated the company will be yet another cryptocurrency company failure that takes some untangling.[94]
Collapse of Terra-Luna

In May 2022, the stablecoin TerraUSD fell to US$0.10.[95] This was supposed to be pegged to the US dollar via a complex algorithmic relationship with its support coin Luna. The loss of the peg resulted in Luna falling to almost zero, down from its high of $119.51.[96] The collapse wiped out $45billion of market capitalization in a week.[97] On 25 May, a proposal was approved to reissue a new Luna cryptocurrency and to decouple from and abandon the devalued UST stablecoin.[98] [99] The new Luna coin lost value in the opening days of being listed on exchanges.[100]

In the wake of Terra-Luna's collapse, another algorithmic stablecoin, DEI, lost its peg to the dollar and started to collapse.[101] [102]

Kwon Do-hyung, the founder of Terra-Luna, is wanted by South Korea and the US for his role as the creator of the cryptocurrency stablecoin which was guaranteed by an algorithm rather than with appropriate funds, after the loss of 40 billion dollars by investors. He has been arrested in Montenegro.[103]

Private litigation in the United States

See also: Cryptocurrency and crime.

On 7 January 2022, a class-action lawsuit was filed against EthereumMax alleging it to be a pump and dump scheme with media personality Kim Kardashian, former professional boxer Floyd Mayweather Jr., former NBA player Paul Pierce, and other celebrities also being named in the lawsuit for promoting the Ether cryptocurrency on their social media accounts.[104] [105]

On 18 February, the United States Court of Appeals for the Eleventh Circuit ruled in a lawsuit against Bitconnect that the Securities Act of 1933 extends to targeted solicitation using social media.[106]

On the same day, a class-action lawsuit was filed against SafeMoon alleging it to also be a pump and dump scheme with professional boxer Jake Paul, musician Nick Carter, rappers Soulja Boy and Lil Yachty, and social media personality Ben Phillips also being named in the lawsuit for promoting the SafeMoon cryptocurrency with misleading information on their social media accounts.[107] [108]

On 1 April, a class-action lawsuit was filed in Florida against the LGBcoin cryptocurrency company, NASCAR, professional stock car racing driver Brandon Brown, and political commentator Candace Owens alleging that the defendants made false or misleading statements about the LGBcoin and that the founders of the company had engaged in a pump and dump scheme.[109]

On 13 April, Coinbase received a class-action securities fraud lawsuit from its shareholders for including false and misleading statements and omissions in the registration statement and prospectus of its initial public offering.[110]

On 13 June, Binance received a class-action lawsuit from more than 2,000 investors accusing the company of false advertising in promoting TerraUSD.[111]

On 17 June, TerraForm Labs received a class-action lawsuit in the United States alleging the company misled investors in violation of federal and California securities laws in marketing its cryptocurrencies in a manner that resembled securities.[112]

On 7 July, Celsius Network received a lawsuit from a former cryptocurrency investment manager alleging the company failed to implement adequate risk management strategies or accounting practices to hedge the firm against cryptocurrency price fluctuations and protect its ability to repay its depositors, and that the company was operating an effective Ponzi scheme.[113]

On 21 July, an ex-Coinbase employee and 2 other men were charged with wire fraud and conspiracy to commit wire fraud. This marked the first time charges were brought to people involving crypto assets.[114]

Collapse of FTX

See main article: Bankruptcy of FTX.

In early November, Binance, one of the largest crypto exchanges in the world, announced it would be dissolving its holdings in FTX Token (FTT) with reports that most of FTX liquidity was based in this coin and was very unstable. This announcement came shortly after article surfaced stating that Alameda Research, a trading firm affiliated with FTX held a significant amount of FTT. This resulted in a run on FTX resulting in 90% of all FTT being withdrawn. The price of FTT fell from $22 on 7 November to under $5.00 on 8 November, an 80% drop.[76] Abracadabra.com's stablecoin "magic internet money" (MIM) also briefly lost its peg to the US dollar for the first time since May 2022.[115] This all resulted in a liquidity crisis with the company unable to pay off the withdrawals. On 8 November, rival Binance announced plans to buy the company to save it from collapse. This sent shockwaves through the crypto market and led to a 10% drop in Bitcoin price and a 15% drop in Ether price. The following day, however, Binance immediately withdrew its offer causing Bitcoin and Ether to plummet another 14% and 16%, respectively, to their lowest levels since November 2020.[116] The same day, the SEC and Justice Department launched an investigation into the company.[117] FTX filed for bankruptcy protection on 11 November.

Characterization as 'bubble'

Bitcoin has been characterized as a speculative bubble by eight winners of the Nobel Memorial Prize in Economic Sciences: Paul Krugman,[118] [119] Robert J. Shiller,[120] Joseph Stiglitz,[121] Richard Thaler,[122] James Heckman,[123] Thomas Sargent,[123] Angus Deaton,[123] and Oliver Hart;[123] and by central bank officials including Alan Greenspan,[124] Agustín Carstens,[125] Vítor Constâncio,[126] and Nout Wellink.[127]

The investors Warren Buffett and George Soros have respectively characterized it as a "mirage"[128] and a "bubble",[129] while the business executives Jack Ma and J.P. Morgan Chase CEO Jamie Dimon have called it a "bubble"[130] and a "fraud",[131] respectively. However, Dimon said later he regrets calling Bitcoin a fraud.[132]

Other notable skeptics are Bill Gates, Microsoft co-founder and philanthropist;[133] Bruce Schneier, cryptographer, computer security expert, and public policy lecturer at Harvard University;[134] and Molly White, author of the Web3 Is Going Just Great website.[135] [136] [137]

See also

Further reading

Notes and References

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  23. News: Huang . Eustance . 14 November 2018 . Bitcoin market cap falls below $100 billion for first time since October 2017 . . live . https://web.archive.org/web/20181116000954/https://www.cnbc.com/2018/11/15/bitcoin-market-cap-falls-below-100-billion-for-first-time-since-2017.html . 16 November 2018.
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  49. Web site: Cox . Jeff . 4 May 2022 . Fed raises rates by half a percentage point – the biggest hike in two decades – to fight inflation . 3 July 2022 . CNBC .
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  52. Web site: Kharpal . Arjun . Browne . Ryan . 2022-06-13 . Crypto lender Celsius pauses withdrawals due to 'extreme market conditions' . 2023-07-10 . CNBC . en.
  53. Web site: Sandor . Krisztian . 14 June 2022 . Another algorithmic stablecoin loses its peg as Tron's USDD falls, with founder Justin Sun vowing to deploy $2 billion . live . https://web.archive.org/web/20220615074016/https://fortune.com/2022/06/13/algorithmic-stablecoin-usdd-loses-peg-justin-sun-tron-decentralized-usd/ . 15 June 2022 . 14 June 2022 . Fortune.
  54. Web site: Canales . Katie . June 17, 2022 . Another crypto lending platform is freezing withdrawals as the industry's downward spiral continues . 4 July 2022 . Business Insider.
  55. News: Crypto Exchange CoinFlex Won't Resume Withdrawals as Planned . 4 July 2022 . Bloomberg News. 30 June 2022 .
  56. News: Sigalos . MacKenzie . Kharpal . Arjun . 27 June 2022 . One of the most prominent crypto hedge funds just defaulted on a $670 million loan . CNBC . 10 July 2022.
  57. Web site: Rooney . Kate . 1 July 2022 . FTX signs a deal giving it the option to buy crypto lender BlockFi . 3 July 2022 . CNBC .
  58. Web site: Wayt . Theo . Kosman . Josh . 20 June 2022 . FTX and other crypto firms ditch sports deals as market collapses . 10 July 2022 . New York Post .
  59. News: 2 July 2022 . Crypto hedge fund Three Arrows files for US bankruptcy . Financial Times . 6 July 2022.
  60. News: Coinbase-backed Vauld halts withdrawals as crypto credit crisis intensifies . 4 July 2022 . Financial Times. 4 July 2022 .
  61. Web site: Shulman . Sophie . 5 July 2022 . eToro laying off 100 employees, officially announces termination of SPAC . 5 July 2022 . ctech.
  62. Web site: Bambysheva . Nina . July 6, 2022 . Crypto Broker Voyager Digital Files For Chapter 11 Bankruptcy . live . https://web.archive.org/web/20220706091407/https://www.forbes.com/sites/ninabambysheva/2022/07/06/crypto-broker-voyager-digital-files-for-chapter-11-bankruptcy/?utm_campaign=forbes&utm_source=twitter&utm_medium=social&utm_term=Valerie&sh=53a652453845 . July 6, 2022 . 6 July 2022 . Forbes.
  63. News: 6 July 2022 . Crypto exchange Genesis discloses exposure to bankrupt Three Arrows Capital . Reuters . live . 12 July 2022 . https://web.archive.org/web/20230106160223/https://www.reuters.com/technology/crypto-exchange-genesis-discloses-exposure-bankrupt-three-arrows-capital-2022-07-06/ . 6 January 2023.
  64. News: Allison . Ian . 8 July 2022 . Crypto exchange Blockchain.com set to lose $270 million from lending to Three Arrows Capital . . 11 July 2022.
  65. News: Saini . Manya . Hu . Krystal . 8 July 2022 . Blockchain.com faces $270 million hit on loans to bankrupt Three Arrows . . . Kuber . Shailesh . live . 11 July 2022 . https://web.archive.org/web/20230406132254/https://www.reuters.com/technology/blockchaincom-faces-270-mln-hit-loans-bankrupt-three-arrows-coindesk-2022-07-08/ . 6 April 2023.
  66. News: Pan . David . 11 July 2022 . Bitcoin Miners Shut Off Rigs as Texas Power Grid Nears Brink . Bloomberg . 13 July 2022.
  67. Web site: 11 July 2022 . FSB issues statement on the international regulation and supervision of crypto-asset activities . 12 July 2022 . www.fsb.org .
  68. News: Sigalos . MacKenzie . 12 July 2022 . Founders of bankrupt crypto hedge fund 3AC go missing, as investors try to recoup assets . CNBC . 12 July 2022.
  69. News: Sigalos . MazKenzie . 12 July 2022 . New York judge freezes assets of Three Arrows Capital as crypto firm's founders remain underground . CNBC . 12 July 2022.
  70. Web site: Reuters . 14 July 2022 . Crypto lender Celsius files for bankruptcy . CNN Business . 14 July 2022.
  71. Web site: Tayeb . Zahra . Anthony Scaramucci's SkyBridge has halted withdrawals from one of its funds as the stock market deteriorates . 20 July 2022 . Markets Insider.
  72. News: Huang . Vicky Ge . 20 July 2022 . Peter Thiel-Backed Crypto Lender Vauld Files for Protection Against Creditors . Wall Street Journal . 21 July 2022 . 0099-9660.
  73. News: 21 July 2022 . Southeast Asian crypto exchange Zipmex suspends withdrawals amid crypto turmoil . Reuters . live . registration . 21 July 2022 . https://web.archive.org/web/20220722082535/https://www.reuters.com/technology/southeast-asian-crypto-exchange-zipmex-suspends-withdrawals-amid-crypto-turmoil-2022-07-21/ . 22 July 2022.
  74. News: 26 July 2022 . Crypto exchange Coinbase faces SEC probe over securities – Bloomberg News . Reuters . live . 27 July 2022 . https://web.archive.org/web/20230123211028/https://www.reuters.com/technology/coinbase-faces-sec-probe-over-cryptocurrency-listings-bloomberg-news-2022-07-26/ . 23 January 2023.
  75. News: 9 August 2022 . Singapore-based crypto lender Hodlnaut suspends withdrawals . . live . registration . 9 August 2022 . https://web.archive.org/web/20230405194545/https://www.reuters.com/technology/singapore-based-crypto-lender-hodlnaut-suspends-withdrawals-2022-08-08/ . 5 April 2023.
  76. Web site: Sigalos . MacKenzie . FTX's token plunges 80% on liquidity concerns, wiping out over $2 billion in value . 11 November 2022 . CNBC . 8 November 2022 .
  77. News: Murphy . Mike . Crypto lender BlockFi pauses withdrawals in wake of FTX's collapse . 11 November 2022 . MarketWatch .
  78. News: Crypto Stablecoin Tether Edges Further Below $1 Peg Level . 12 November 2022 . WSJ .
  79. News: Ostroff . Caitlin . Ge Huang . Vicky . Gladstone . Alexander . 11 November 2022 . FTX Files for Bankruptcy; Sam Bankman-Fried Steps Down as CEO . The Wall Street Journal . 11 November 2022.
  80. Web site: Capoot . MacKenzie Sigalos, Ashley . Gemini, BlockFi, Genesis announcing new restrictions as FTX contagion spreads . 16 November 2022 . CNBC . 16 November 2022 .
  81. News: Lang . Hannah . Nishant . Niket . Saini . Manya . Crypto lender BlockFi files for bankruptcy, cites FTX exposure . 7 December 2022 . Reuters . 29 November 2022 .
  82. Web site: Sigalos . Rohan Goswami, MacKenzie . Crypto lender Genesis files for bankruptcy in latest blow to Barry Silbert's DCG empire . 20 January 2023 . CNBC . 20 January 2023 .
  83. News: Kelley . Lora . 12 February 2023 . Crypto ads are so last year. . The New York Times . 13 February 2023 . 0362-4331.
  84. News: Denton . Jack . Silvergate Stock in Free Fall as Bank Faces Crisis with Implications Across Crypto . 2 March 2023 . MarketWatch .
  85. Web site: Macheel . Tanaya . Silvergate Capital shares drop 57% after the crypto bank delays its annual report . 3 March 2023 . CNBC . 2 March 2023 .
  86. Web site: SEC.gov SEC Files Emergency Action Against Miami Investment Adviser BKCoin and Principal Kevin Kang for Orchestrating $100 Million Crypto Fraud Scheme . 7 March 2023 . www.sec.gov.
  87. Web site: Sigalos . MacKenzie . Silvergate shutting down operations and liquidating bank . 8 March 2023 . CNBC . 8 March 2023 .
  88. News: Crypto-focused bank Silvergate plans to wind down following blow from FTX. 10 March 2023 . reuters.com . reuters.com . 9 March 2023.
  89. Web site: Macheel. Tanaya. Crypto bank Signature slides on Friday amid troubles at Silicon Valley Bank, Silvergate . 10 March 2023 . 13 March 2023 . CNBC .
  90. News: Yun. Li. 12 March 2023. Regulators close New York's Signature Bank, citing systemic risk. CNBC. 12 March 2023.
  91. Web site: Nightingale . Melissa . 26 June 2023 . Eco-travel company We Are Bamboo lost millions in customer funds in cryptocurrency trading . 26 June 2023 . New Zealand Herald.
  92. Web site: Keall . Chris. 15 August 2023 . Customers desperate as Auckland-based crypto exchange Dasset denies access to their funds . 15 August 2023 . New Zealand Herald.
  93. Web site: Crypto firm Terraform Labs files for Chapter 11 bankruptcy protection . 2024-01-23 . ABC News . en.
  94. Web site: Liquidator updates on Bitcache, the failed crypto firm set up by Kim Dotcom . 2024-02-14 . New Zealand Herald . en.
  95. Web site: The crypto crash rivals both the internet bubble burst and the Great Financial Crisis, Bank of America says . 16 May 2022 . . 16 May 2022 . https://web.archive.org/web/20220516010645/https://fortune.com/2022/05/13/crypto-crash-rivals-internet-dotcom-bubble-burst-and-great-financial-crisis-bank-of-america/ . dead .
  96. News: Terraform Again Halts Blockchain Behind UST Stablecoin, Luna . 13 May 2022 . Bloomberg News. 13 May 2022 .
  97. News: Terra $45 Billion Face Plant Creates Crowd of Crypto Losers . 15 May 2022 . Bloomberg News. 14 May 2022 .
  98. Web site: Shukla . Sidhartha . Nicolle . Emily . 25 May 2022 . Terra Averts Total Collapse With Plan to Split Blockchain, Abandon UST Stablecoin . https://web.archive.org/web/20220525122801/https://www.bloomberg.com/news/articles/2022-05-25/do-kwon-wins-backing-for-his-proposal-to-rescue-terra-project . 25 May 2022 . 31 May 2022 . Bloomberg . A proposal by the founder of the troubled Terra ecosystem to salvage the project was approved ... The process means Terraform Labs is effectively abandoning the stablecoin TerraUSD, or UST, which from now on will only trade on the Terra Classic blockchain..
  99. Web site: Shen . Muyao . 25 May 2022 . Luna token relaunch kicks crypto hype machine back into gear . https://web.archive.org/web/20220526175023/https://www.bostonglobe.com/2022/05/25/business/luna-token-relaunch-kicks-crypto-hype-machine-back-into-gear/ . 26 May 2022 . 31 May 2022 . The Boston Globe . Under the approved measure, the original blockchain will split off and be known as Terra Classic, while Luna, which plunged close to zero this month, will be renamed Luna Classic with the ticker LUNC. The new Terra blockchain will start running a coin under the existing Luna name and ticker, and won't include the UST stablecoin..
  100. Web site: Browne . Ryan . 30 May 2022 . The luna cryptocurrency has been resurrected after its $40 billion collapse. It's already crashing . https://web.archive.org/web/20220531043746/https://www.cnbc.com/2022/05/30/terra-2point0-new-luna-cryptocurrency-is-already-crashing.html . 31 May 2022 . 31 May 2022 . CNBC . Now, luna has a new iteration, which investors are calling Terra 2.0. It is already trading on exchanges including Bybit, Kucoin and Huobi. Binance, the world's largest crypto exchange, says it will list luna on Tuesday..
  101. News: 16 May 2022 . Another Stablecoin Loses Peg as Algorithm Fails to Keep Pace . Bloomberg.com . 17 May 2022.
  102. Web site: Clark . Mitchell . 16 May 2022 . More stablecoins are destabilizing, sparking even more shenanigans . 17 May 2022 . The Verge .
  103. Web site: Do Kwon, le fondateur de la blockchain Terra Luna, en détention prolongée . . 16 December 2023 . fr . 12 December 2023.
  104. News: Ansari. Talal. 11 January 2022. Kim Kardashian, Floyd Mayweather Jr., Others Sued Over Cryptocurrency Promotion. The Wall Street Journal. News Corp. 13 July 2022.
  105. News: Gonzalez. Oscar. 11 January 2022. Kim Kardashian, Floyd Mayweather Jr. sued for alleged crypto pump and dump. CNET. Red Ventures. 13 July 2022.
  106. News: Lawler. Richard. 18 February 2022. Influencers beware: promoting the wrong crypto could mean facing a class-action lawsuit. The Verge. Vox Media. 13 July 2022.
  107. News: Germain. Atahabih. 24 February 2022. Soulja Boy and Lil Yachty Named in Suit Accused of Misleading Crypto Buyers in 'Pump and Dump' Scheme. Atlanta Black Star. Diamond Diaspora Media. 13 July 2022.
  108. News: Cole. Ty. 24 February 2022. Soulja Boy and Lil Yachty Faces Class-Action Lawsuit In Alleged Cryptocurrency Scheme. BET. 13 July 2022.
  109. News: Seitz. Jacob. 8 April 2022. 'Let's Go Brandon' Coin: NASCAR, Brandon Brown, Candace Owens sued for promoting failed crypto in pump-and-dump scheme. The Daily Dot. 12 July 2022.
  110. News: Lifshitz Law Firm, P.C. Announces Investigations of Cassava Sciences, Inc. (NASDAQCM: SAVA), Coinbase Global, Inc. (NASDAQGS: COIN), HyreCar, Inc. (NASDAQCM: HYRE), and Longeveron Inc. (NASDAQCM: LGVN). 13 April 2022. GlobeNewswire. Intrado. 11 July 2022.
  111. News: Frankel. Alison. New Binance class action likely clears one hurdle but faces plenty of others. 14 June 2022. Reuters. Thomson Reuters. 11 July 2022.
  112. News: TerraForm Class Action Notice: Scott+Scott Attorneys at Law LLP Files Securities Class Action Against Terraform Labs PTE. Ltd, its Executive Officers, and Insiders. 2 February 2022. Business Wire. Berkshire Hathaway. 12 July 2022.
  113. News: Kharpal. Arjun. 8 July 2022. Embattled crypto lender Celsius is a 'fraud' and 'Ponzi scheme', lawsuit alleges. CNBC. 8 July 2022.
  114. News: Goldstein . Matthew . Yaffe-Bellany . David . 21 July 2022 . Ex-Coinbase Employee and 2 Others Charged With Insider Trading of Crypto Assets . The New York Times . 22 July 2022 . 0362-4331.
  115. Web site: Abracadabra's MIM Stablecoin Briefly Lost Dollar Peg as FTX's FTT Token Tanked . 9 November 2022 . Business Insider .
  116. Web site: Rooney . Kate . Sigalos . MacKenzie . Binance backs out of FTX rescue, leaving the crypto exchange on the brink of collapse . 9 November 2022 . CNBC . 9 November 2022 .
  117. News: Kiernan . Paul . SEC, Justice Department investigating beleaguered crypto platform FTX . 10 November 2022 . MarketWatch .
  118. News: Krugman . Paul . Bubble, Bubble, Fraud and Trouble . The New York Times . 29 January 2018 . https://web.archive.org/web/20180604124251/https://www.nytimes.com/2018/01/29/opinion/bitcoin-bubble-fraud.html . 4 June 2018 . live .
  119. Web site: Nobel laureate Paul Krugman says crypto has 'disturbing' parallels with subprime mortgage meltdown . CNBC . 28 January 2022 . 13 June 2022.
  120. News: Shiller . Robert . In Search of a Stable Electronic Currency . . 1 March 2014 . live . https://web.archive.org/web/20141024120222/http://www.nytimes.com/2014/03/02/business/in-search-of-a-stable-electronic-currency.html?_r=0 . 24 October 2014 . dmy-all .
  121. News: Costelloe . Kevin . Bitcoin 'Ought to Be Outlawed,' Nobel Prize Winner Stiglitz Says . Bloomberg . 29 November 2017 . It doesn’t serve any socially useful function. . https://web.archive.org/web/20180612224313/https://www.bloomberg.com/news/articles/2017-11-29/bitcoin-ought-to-be-outlawed-nobel-prize-winner-stiglitz-says-jal10hxd . 12 June 2018 . live .
  122. News: Economics Nobel prize winner, Richard Thaler: 'The market that looks most like a bubble to me is Bitcoin and its brethren' . ECO Portuguese Economy . 22 January 2018 . https://web.archive.org/web/20180612140603/https://econews.pt/2018/01/22/economics-nobel-prize-winner-richard-thaler-the-market-that-looks-most-like-a-bubble-to-me-is-bitcoin-and-its-brethren/ . 12 June 2018 . live .
  123. News: Wolff-Mann . Ethan . 'Only good for drug dealers': More Nobel prize winners snub bitcoin . Yahoo Finance . 27 April 2018 . https://web.archive.org/web/20180612141128/https://finance.yahoo.com/news/good-drug-dealers-nobel-prize-winners-snub-bitcoin-184903784.html . 12 June 2018 . live .
  124. News: Greenspan Says Bitcoin a Bubble Without Intrinsic Currency Value . Bloomberg LP . bloomberg.com . 4 December 2013 . Kearns, Jeff . live . https://web.archive.org/web/20131229054844/http://www.bloomberg.com/news/2013-12-04/greenspan-says-bitcoin-a-bubble-without-intrinsic-currency-value.html . 29 December 2013 . dmy-all .
  125. News: Central banker takes stab at bitcoin 'bubble' . AFP . Phys.org . 6 February 2018 . https://web.archive.org/web/20180612143028/https://phys.org/news/2018-02-central-banker-stab-bitcoin.html . 12 June 2018 . live .
  126. Web site: Bitcoin is like Tulipmania, says ECB vice-president . 22 September 2017 . The Financial Times . live . https://web.archive.org/web/20170930234500/https://www.ft.com/content/18507a26-9fb4-11e7-8cd4-932067fbf946 . 30 September 2017 . dmy-all .
  127. Web site: Bitcoin hype worse than 'tulip mania', says Dutch central banker . 4 December 2013 . The Guardian . live . https://web.archive.org/web/20170320051840/https://www.theguardian.com/technology/2013/dec/04/bitcoin-bubble-tulip-dutch-banker . 20 March 2017 . dmy-all .
  128. Web site: Bitcoin? Here's what Warren Buffett is saying . Crippen . Alex . 14 March 2014 . CNBC . 11 January 2017 . live . https://web.archive.org/web/20170113070447/http://www.cnbc.com/2014/03/14/buffett-blasts-bitcoin-as-mirage-stay-away.html . 13 January 2017 . dmy-all .
  129. News: Porzecanski . Katia . George Soros: Bitcoin is a bubble, Trump is a 'danger to the world' . 7 June 2018 . Bloomberg News . Globe and Mail . 25 January 2018 . https://web.archive.org/web/20180609071424/https://www.theglobeandmail.com/globe-investor/investment-ideas/george-soros-says-bitcoin-bubble-wont-have-sharp-break-like-others/article37739168/ . 9 June 2018 . live.
  130. News: Yang . Yingzhi . There's a bitcoin bubble, says Alibaba executive chairman Jack Ma . 10 June 2018 . South China Morning Post . 18 May 2018 . https://web.archive.org/web/20180610214759/http://www.scmp.com/tech/enterprises/article/2146648/theres-bitcoin-bubble-says-alibaba-executive-chairman-jack-ma . 10 June 2018 . live .
  131. News: Cheng . Evelyn . Warren Buffett and Jamie Dimon on bitcoin: Beware . 7 June 2018 . CNBC . 7 June 2018 . https://web.archive.org/web/20180609122312/https://www.cnbc.com/2018/06/07/warren-buffett-and-jamie-dimon-on-bitcoin-beware.html . 9 June 2018 . live.
  132. Web site: Kim. Tae. 9 January 2018. Jamie Dimon says he regrets calling bitcoin a fraud and believes in the technology behind it. 31 December 2020. CNBC.
  133. Web site: Bill Gates says crypto and NFTs are '100% based on greater fool theory' . . 15 June 2022 . 15 June 2022.
  134. Web site: Avery . Dan . Tech Experts Call on Lawmakers to Push Back Against Cryptocurrency Industry . CNET . 2 June 2022 . https://web.archive.org/web/20220602025804/https://www.cnet.com/personal-finance/crypto/tech-experts-call-on-lawmakers-to-push-back-against-cryptocurrency-industry/ . 2 June 2022 . 1 June 2022 . In an open letter on Wednesday, 26 computer scientists, software engineers and academics – including Harvard computer security expert Bruce Schneier and Google Cloud principal engineer Kelsey Hightower – urged Congress to 'resist pressure from digital asset industry financiers, lobbyists and boosters to create a regulatory safe haven for these risky, flawed and unproven digital financial instruments' ... The letter also cautioned that crypto assets are being used to promote 'unsound and highly volatile speculative investment schemes' to investors who may not understand the real risks. 'The claims that the blockchain advocates make are not true,' Schneier told the Financial Times. 'It's not secure, it's not decentralized. Any system where you forget your password and you lose your life savings is not a safe system.'.
  135. News: De Vynck . Gerrit . First she documented the alt-right. Now she's coming for crypto. . The Washington Post . 31 May 2022 . https://web.archive.org/web/20220531021347/https://www.washingtonpost.com/technology/2022/05/29/molly-white-crypto/ . 31 May 2022 . 29 May 2022 . A 28-year-old software engineer who writes Wikipedia articles for fun, White is an odd figure to make the crypto industry cower. On her website, 'Web3 is Going Just Great', White documents case after case of crypto malfeasance: investments that turn out to be scams, poorly-run projects that collapse under mismanagement and hacks that drain supporters' money. As much of the financial and tech elite has rallied around crypto, White has led a small but scrappy group of skeptics pushing the other way whose warnings have seemed vindicated by the cratering in recent weeks of cryptocurrency prices..
  136. Pahwa . Nitish . To Be Clear, Web3 Is Not Going Great . Slate . 12 May 2022 . 31 May 2022 . https://web.archive.org/web/20220528020034/https://slate.com/technology/2022/05/crypto-crash-molly-white-web3-going-just-great.html . 28 May 2022 . One of the most prominent skeptics these days is Molly White, a software developer who started the blog Web3 Is Going Just Great last December ... The site has gotten quite popular among fellow doubters, and White herself has become a go-to voice countering the hype coming from crypto companies and maxis—even collaborating with other crypto watchers on a project fact-checking mainstream publications' praise of crypto..
  137. Web site: Bernard . Zoe . Crypto's CSI: How Molly White Became an 'Absolute Nightmare' for Web3 Evangelists . The Information . 31 May 2022 . https://web.archive.org/web/20220512215358/https://www.theinformation.com/articles/cryptos-csi-how-molly-white-became-an-absolute-nightmare-for-web3-evangelists . 12 May 2022 . 29 April 2022 . Over the course of one week in April, Molly White's internet crime blotter Web3 Is Going Just Great documented 15 crypto-related offenses, each of which alone would hobble—or at least humiliate—most other industries ... White is in a unique position to catalog Web3's never-ending highlight reel of disasters. A software engineer who has worked in front-end development at enterprise software company HubSpot for the past six years, the 28-year-old has a sophisticated understanding of the blockchain’s underlying technology..

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