The crypto bros are back: ‘The hubris never really left’
SINGAPORE – Ask anyone working or investing in crypto about the industry’s outlook in 2022, and he or she would likely have pursed his or her lips.
That year saw a series of headline-grabbing implosions. FTX, one of the world’s largest cryptocurrency exchanges at the time, filed for bankruptcy. Singapore-based crypto hedge fund
Three Arrows Capital collapsed,
owing creditors over US$3 billion (S$3.85 billion). Cryptocurrencies TerraUSD and Luna cratered in value, collectively wiping out US$45 billion in market cap.
Cryptocurrency values plummeted as layoffs rocked the sector, with industry watchers heralding the start of a crypto winter.
Three years on, the mood has shifted.
Bitcoin’s value has soared to historic highs of over…
