{"id":35413,"date":"2022-12-22T09:29:35","date_gmt":"2022-12-22T09:29:35","guid":{"rendered":"https:\/\/lydian.io\/?p=35413"},"modified":"2022-12-22T09:29:35","modified_gmt":"2022-12-22T09:29:35","slug":"the-bear-market-claims-another-victim","status":"publish","type":"post","link":"https:\/\/lydian.io\/the-bear-market-claims-another-victim\/","title":{"rendered":"The bear market claims another victim","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"
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Capital with three arrows. Celsius. Voyager Digital. The record of crypto bankruptcies, shutdowns, and buying and selling halts was countless in 2022. And the yr just isn't over but. This week, German crypto financial institution Nuri urged its customers to withdraw funds forward of the corporate's deliberate shutdown in December \u2014 at the least Nuri's customers had been duly notified. <\/p>\n
The crypto bear has relentlessly purged the market of excesses, leverage, poor threat administration and outright scams. If business forecasters are to be taken critically, the market might see one final capitulation earlier than situations start to enhance. <\/p>\n
This week's Crypto Biz studies on the closure of Nuri, the newest drama surrounding Voyager Digital and Silvergate Capital's tough quarter. <\/p>\n
After asserting liquidity issues in August, Nuri knowledgeable its 500,000 customers this week that it could stop operations on December 18. That provides customers two months to withdraw their funds earlier than the corporate winds down its operations as a result of bear market. Nuri CEO Kristina Mayer assured customers that \"all property in your Nuri account are secure and unaffected by Nuri's chapter\". Nuri's chapter is not good for the business, however they've dealt with it significantly better than Celsius, which froze consumer withdrawals earlier than submitting for chapter. <\/p>\n
Nuri ceases its enterprise operations. We ask our prospects to withdraw their funds and property from 18\/12\/2022. Thanks for being a part of the Nuri group! <\/p>\n
Here's a letter from our CEO Kristina Walcker-Mayer: https:\/\/t.co\/gdOOeoOKDs<\/a><\/p>\n - Nuri (@NuriBanking) October 18, 2022<\/a><\/p>\n Voyager Digital's saga took one other shocking flip this week after the corporate determined to not sue its executives for incompetence over their position in facilitating the Three Arrows Capital (and Voyager) debacle. For these not updated on the drama, Voyager made a $675 million mortgage to Three Arrows Capital with out due diligence. This mortgage was by no means repaid and have become a key aspect in Voyager's chapter. Why aren't the executives sued? They reportedly gained immunity from the lawsuit when Voyager's property had been acquired by FTX US through an public sale in late September. <\/p>\n Her. Voyager Digital as we speak filed an amended disclosure assertion in its Chapter 11 chapter and its disclosure about 3AC is F*CKING bonkers. pic.twitter.com\/zxYFmouerS<\/a><\/p>\nVoyager Digital is not going to sue its executives for incompetence, however will declare insurance coverage for them<\/h3>\n