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ARTICLE · 03 AUGUST 2022

The Crypto Winter Has Led To Summer Bankruptcies

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Despite record-breaking heat waves setting wildfires across the globe this summer, it seems that nothing can thaw the iciness that is the "crypto winter."

United StatesTechnology
Joseph Cioffi
Joseph Cioffi
Adam M. Levy
Adam M. Levy
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“Winter is coming. We know what's coming with it."
— Jon Snow,  Game of Thrones, A Song of Ice and Fire

Despite record-breaking heat waves setting wildfires across the globe this summer, it seems that nothing can thaw the iciness that is the “crypto winter.” Cryptocurrencies collectively have lost two-thirds of their value (approximately $2 trillion) since their 2021 peak. And, we are now beginning to see the impact of this nosedive on the multi-billion dollar ecosystem of crypto hedge funds, crypto lenders, and crypto brokerage firms that have unregulated digital money as their foundation (as well as the impact on their crypto customers who lack the SIPA and FIDC protections afforded to traditional brokerage firm and banking clients).

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