Top 5 Crypto Exchange Companies that Faced Downfall in 2022!!

Cryptocurrencies can pitch in generating revenue rapidly but they can also trigger loss at a similar pace as well.  Several Crypto giants fall every year and due to this, they cause strain on the funds of various crypto investors. Crypto prices have fluctuated by a huge sum as there are various crypto firms that have eventually crashed to bankruptcy this year.

The most significant giants that have emerged in the crypto news include FTX, indulging in fraud with its clients. Moving forward companies like Voyager, Terra UST, and Luna crypto have also been thrashed out of the market this year.

Crypto Exchange Companies That Collapsed in the year 2022:

• FTX
• Three Arrows Capital (3AC)
• BlockFi
• Vauld
• Terra USD (UST)

Let us now dig in details on cryptocurrencies failure in 2022;

FTX

Three Arrows Capital (3AC) 

3AC cryptocurrency firm was at debt of $3.5 billion from around 27 companies including Voyager. Three Arrow Capital is a Singapore based firm that started in the year 2012 by Kyle Davies and Shu Zhu. The firm was alleged of the delegations soon after the report was filed against FTX.

Vauld

Vauld is one more Singapore based cryptocurrency that has fell under the fraud and bankruptcy claims this year. The company faced crime derived for predatory lending firms. Moreover, the company sued their users from liquidating their funds few days prior going bankrupt.

Vauld mitigated total funds of amount $363 billion by the time the company fell to dust. The United States authority has frozen funds worth $46.4 million of Vauld company in August 2022.

Terra USD (UST) 

This has been a rough year for UST owners as they have faced loss even after they tried lifting up their company by using crypto funds from their sister company Luna. The aid didn't assist UST instead carried LUNA along with them and resulting in leading them towards bankruptcy as well.

In the world of cryptocurrencies, various billionaire firms have faced a downfall in the year 2022. The cause implicates a very generous report that the investment in cryptocurrencies is highly unpredictable and even the potentially flourishing crypto giants may face downfall and go bankrupt.