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Cryptocurrency: Bernie Madoff-style scheme may have squashed prominent lenders

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An unprecedented crisis of confidence has affected the crypto industry for several months.

To measure this, simply consider the prices of cryptocurrencies, which are often tied to a platform or project. According to CoinGecko, the cryptocurrency market has lost $2 trillion since hitting an all-time high of $3 trillion in early November. The price of bitcoin, the king of cryptocurrencies, has fallen by more than two-thirds since hitting an all-time high of $69,044.77 on November 10.

The severity of the crisis intensified earlier this spring in a seemingly contained event. In early May, sister coins Luna and UST or TerraUSD collapsed. The fall of the two digital currencies was caused by the fact that many investors wanted to liquidate their positions at the same time. As a result of this disaster, at least 55 billion dollars were destroyed.


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