The crypto market has been experiencing adverse events this year, with TerraUST and Luna’s crash to $0 last month topping the list. Since then, bad news has been brewing in the market weekly, raising investors’ concerns. In June 2022 alone, negative news dominated the crypto sector, with top organizations losing or owing millions of dollars. In addition, several platforms paused withdrawals this month to their users despite proclaiming themselves as decentralized.
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Top 3 Bad Things That Happened to the Crypto Sphere in June 2022
- Roger Ver Goes Broke, Owes Millions
Rumors were doing the rounds this month that Bitcoin.com CEO Roger Ver owes millions to exchanges. Days later, CoinFLEX CEO Mark Lamb took to Twitter confirming that Ver owed the exchange $47 million USDC. Reportedly, CoinFLEX gave Ver a $47 million uncollateralized loan, and he had a long on Bitcoin Cash (BCH). Reports state that CoinFLEX allowed him to run the deficit as he guaranteed them that he would pay it back.
Lamb admitted that Ver owes the exchange $47 million USDC. “Roger Ver owes CoinFLEX $47 Million USDC. We have a written contract with him obligating him to personally guarantee any negative equity on his CoinFLEX account and top-up margin regularly. He has been in default of this agreement and we have served a notice of default,” he tweeted.
However, Ver took to Twitter, claiming that accusations against him are false, and stated that he is not a defaulter. In return, he accused the exchange of owing him money, not the other way around.
“Recently some rumors have been spreading that I have defaulted on a debt to a counter-party. These rumors are false. Not only do I not have a debt to this counter-party, but this counter-party owes me a substantial sum of money. And I am currently seeking the return of my funds,” Ver tweeted.
The accusations and counteraccusations exposed the wrongdoings of the crypto sphere at the top level. The trust among investors about the inner happenings of the industry took a beating with this development.
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2. Three Arrows Capital Gets Liquidated
Singapore-based cryptocurrency hedge fund Three Arrows Capital (3AC) owes Voyager Digital 15,250 BTC. 3AC defaulted on the million-dollar debt and failed to repay it. Voyager Digital sent a default notice to Three Arrows Capital and filed a lawsuit. All this comes at a time when the crypto markets came crashing down, and Bitcoin fell below the $20,000 mark.
Sky News reported a British Virgin Islands court-ordered to liquidate the crypto lending firm Three Arrows Capital. Reportedly, partners from Teneo Restructuring will handle the insolvency of 3AC. The court had ordered the liquidation of 3AC on June 27.
The liquidation of 3AC is another jolt to the crypto sphere that investors are experiencing lately.
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3. Michael Saylor Down $1 Billion on Bitcoin
Michael Saylor‘s firm MicroStrategy suffered $1 billion in losses after Bitcoin tumbled down this month. The King of Bitcoin faced severe losses as the crypto market showed no mercy to both big and small players. The word in the markets turned negative as the top leader who holds BTC turned sour. Also, Saylor purchased 480 BTC yesterday worth $10 million and expressing he still believes in a comeback.
“MicroStrategy has purchased an additional 480 bitcoins for $10.0 million at an average price of $20,817 per Bitcoin. As of 6/28/22 MicroStrategy holds 129,699 Bitcoins acquired for $3.98 billion at an average price of $30,664 per Bitcoin. $MSTR,” he tweeted.