The cryptocurrency market saw one of its worst bear markets in 2022 and lost key big platforms.
Ronin, the blockchain network behind Axie Infinity, was hacked for $625 million in March.
When TerraUSD (UST) was unstaked on May 7, hundreds of millions of US dollars were liquidated.
Three Arrows Capital (3AC), a $560 million crypto hedge fund, suffered greatly when Terra collapsed.
After 3AC defaulted on a $650 million loan, Voyager Digital filed for bankruptcy on July 6.
Voyager provided 3AC with a substantial loan despite the fact that there was no collateral.
Voyager lost a lot of consumer money after 3AC defaulted and its owners left.