Crypto Biz: Bear market claims another casualty
Three Arrows Capital. Celsius. Voyager Digital. The list of crypto bankruptcies, shutdowns and trading freezes has been endless in 2022. And the year isn’t over yet. This week, German crypto bank Nuri urged its users to withdraw funds ahead of the company’s planned shutdown in December — at least Nuri’s users were given proper notice.
The crypto bear has been relentlessly cleansing the market of excess, leverage, poor risk management and outright scams. If industry prognosticators are to be taken seriously, the market could see one final capitulation before conditions begin to improve.
This week’s Crypto Biz chronicles Nuri’s shutdown, the latest drama surrounding Voyager Digital and Silvergate Capital’s difficult quarter.
After disclosing liquidity issues in August, Nuri informed its 500,000 users this week that it would cease operations on Dec. 18. That gives users two months to withdraw their funds before the company unwinds its operations due to the bear market. Nuri CEO Kristina Mayer assured users that “All assets in your Nuri account are safe and unaffected by Nuri’s insolvency.” Nuri going bust isn’t good for the industry, but they handled it much better than Celsius, which locked user withdrawals before filing for bankruptcy.
Nuri is closing down its business operations. We ask our customers to withdraw their funds and assets as of 18.12.2022. Thank you for having been part of the Nuri community! Here is a letter of our CEO Kristina Walcker-Mayer: https://t.co/gdOOeoOKDs
The Voyager Digital saga took another surprising turn this week after the company opted not to sue its executives for incompetence for their role in facilitating the Three Arrows Capital debacle (and Voyager’s in the process). For those not
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