Crisis in crypto lending shines light on industry vulnerabilities

Quick Summary

Leading crypto lending firms and hedge funds have run into trouble due to the market turmoil but more so because of their unchecked reckless decision-making process.

Simon Jones, CEO of decentralized finance protocol Voltz Labs, believes the current crisis brought upon by the crypto lending projects is quite similar to the 2008 recession.

Securities regulators from five United States states have reportedly opened an investigation into crypto lending platform Celsius over its decision to suspend user withdrawals.

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Article Details

Author / Journalist: Cointelegraph By Prashant Jha

Category: Crypto

Topics: Lending Digital Asset Cryptocurrencies Assets Ethereum Price Ether Price

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-06-23, 14:02:00

News Timezone: GMT -5:00

News Source URL: cointelegraph.com

Language: English

Reading Time: 9 minutes read

Article Length: 1616 words

Coverage Area: United States

Availability: Desktop Web, Mobile Web

News ID: 5989

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About Coin Telegraph

Main Topics: Crypto

Official Website: cointelegraph.com

Update Frequency: 7 posts per day

Year Established: 2013

Headquarters: United States

Last Updated: 13h ago

Coverage Areas: United States

Ownership: Independent Company

Publication Timezone: GMT -5:00

Languages Covered: English

RSS Feed: Available (XML)

Website Security: Secure (HTTPS)

Publisher ID: #11

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