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Explore the list of crypto bankruptcies in 2023, including detailed insights into the collapse of major exchanges. It’s quite evident that crypto had one of its worst years in 2022. The cascading collapse of two industry giants, Terraform Labs (responsible for LUNA and UST) and FTX, drove one of the harshest crypto winters in recent history. It eventually led to many bankruptcies, layoffs, and shutdowns across the market. So, 2023 mostly saw the fallout from the previous years, as the major bankruptcy proceedings from previous market leaders like Celsius, Voyager, Three Arrows Capital (3AC), BlockFi, and FTX progressed into different stages. Still, some notable crypto bankruptcies and exchange failures made it into the news. Let’s take a look at the list of crypto bankruptcies and failures of 2023. Notable crypto bankruptcies Genesis The year 2023 began under a cloud for the crypto currency sector, with Genesis, a prominent crypto lending subsidiary of Digital Curren...

Bittrex Global is set to cease its trading operations globally on Dec. 4, following its U.S. arm’s legal settlement with the SEC and an ongoing complex regulatory landscape. Bittrex Global has announced the closure of its global operations. The announcement comes shortly after the shutdown of company’s U.S. arm, which faced legal challenges from the U.S. Securities and Exchange Commission (SEC). As of Dec. 4, Bittrex Global will cease all trading activities, transitioning solely to allowing asset withdrawals for its customers. It is with great regret that we inform you that Bittrex Global has decided to wind down its operations. Effective Monday 4 December 2023, all trading activity on Bittrex Global will be disabled. After that date, customers will only be able to withdraw assets as part of the… — Bittrex Global (@BittrexGlobal) November 20, 2023 The exchange’s decision to not facilitate withdrawals in U.S. dollars, advising customers to convert to e...

Chainalysis, a blockchain Analysis company backed by Singapore’s leading wealth fund GIC, has reduced its workforce by 15%. According to Bloomberg, the firm plans to curb expenses for potential long-term growth. Chainalysis had around 900 employees before the layoffs and has reduced its workforce by 135 people. “We are very focused on growing efficiently and, due to market conditions, believe it’s necessary to reduce our expenses at this time.” A Chainalysis spokesperson told Bloomberg. Moreover, the report revealed that the blockchain Analysis company, founded in 2014, laid off around 5% of its employees in February this year.  You might also like: FTX’s Bankman-Fried contemplated paying Trump $5b not to run for president However, the Chainalysis spokesperson believes the firm is “well-positioned for long-term success” and will continue to “build trust in blockchains among government agencies, financial institutions, and cryptocurrency businesses.” In mid-Dec...

Key Huobi execs, including Huobi Group CFO Lily Zheng allegedly left the company a few months ago following the new shareholders’ takeover. Huobi cryptocurrency exchange has confirmed plans to lay off 20% of its employees as part of the ongoing restructuring following Justin Sun’s acquisition of the firm. “The planned layoff ratio is about 20%, but it is not implemented now,” a spokesperson for Huobi said in a statement to Cointelegraph on Jan. 6. The representative emphasized that the allegations on Huobi firing as many as 40% employees is a rumor. Huobi has established a new organizational structure after the new shareholders have taken over, the spokesperson said, adding that the firm has adjusted the business departments. “With the current state of the bear market, a very lean team will be maintained going forward. The personnel optimization aims to implement the brand strategy, optimize the structure, improve efficiency and return to the top three,” Huobi said. In the statement, ...