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Terra Dominoes Effect: Latest Crypto Firm To Suspend Withdrawal & Deposit

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This is the year of bankruptcy & liquidation for most of this crypto firms, because, like we all know, your crypto assets are not safe on these centralized exchanges. This is the perfect time where people will fully understand what the Not Your Keys not your coins phrase. Because the owners of these assets can’t access them anymore after these exchanges or firms halt withdrawals. Some of these exchanges are quite small, not popular, and some of them are still big. This bear market will humble anybody. Just a matter of time, it will separate the strong from the weak.

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Some big league exchanges are making it look like they are holding it down, especially exchanges like Binance & FTX, while other exchanges are laying of their staff, Binance is hiring 2,000 more. According to them, it’s due to the wise decisions they took, especially declining the superbowl ads. That ad cost a lot of money, FTX took the superbowl ads, but still has extra money not to lay off some of its staff, and still acquired more companies. So yeah, there are some levels to this game.

Rumor has it that Celsius and 3AC are having some bankruptcy case filing decision. Looks like more crypto firms and companies will be joining them, as the latest crypto firm to halt withdrawals, deposit and crypto trading is voyager. Times like this will have you seeing crypto firm names you never knew existed. The firm made an announcement and talked about how they regret making this defi on of halting withdrawals, deposit and trading but they had to. It also talked about making strategic plans to make sure they get out of this.

The Terra Dominoes Fall

Some of these firms problems started when the Terra ecosystem collapsed, most of these firms and companies invested heavily on the Terra eco system. But in this case of Voyager, they gave loan to the crypto hedge fund which is known as Three Arrow Capital(3AC). 3AC on the hand is known for currently having liquidity issue, I think due to its massive investment on the Terra ecosystem. You see how this is like a dominoes fall.

Most of these crypto firms, invested in companies that invested in Terra. So this means that, as long as terra price crashed, it has affected the chain and there is almost nothing they can do. Terra, being the base for this failure is so sad because most of these companies are suffering mistakes made by other companies which involved investing on the Terra Ecosystem.

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