In light of the recent wave of major shutdowns and bankruptcies, we have analyzed the most prominent crypto companies and projects that have ceased operations since 2022. It illustrates not only the scale of the losses, but also how the nature of crises across the industry has changed over the past several years.
2022: The Domino Effect
It all started in early May, when UST lost its dollar peg and LUNA became virtually worthless. Within days, the Terra ecosystem erased roughly $40B in market value, turning a tokenomics failure into the first systemic shock of the cycle.
The next domino was Three Arrows Capital. The fund, which managed up to $10B in crypto assets, was heavily overleveraged and suffered major losses after Terra’s…
