Almost $6 B Lost by Cryptocurrency Investment Funds Like 3AC, Celsius and Others

Shares

Cryptocurrency investment funds lost almost $6 billion worth of Bitcoin following the massive liquidation series on the cryptocurrency market back in the May-June period. The biggest loser on the market is, as expected, the Luna Foundation Guard.

The largest portion of the coins that were lost is tied to the series of large liquidations that appeared on the market after the price of the first cryptocurrency tumbled from $30,000 to $17,000.

Luna Foundation Guard lost more than 80,000 BTC, which is worth more than $1.8 billion at press time. Second place on the chart goes to Tesla since the company sold $900 million worth of BTC back in May.

Bitcoin chart
Source: Vetle Lunde

The notorious Three Arrows Capital was not the biggest loser on the market, despite being the most popular object of ridicule in the space since May.

The chart is being closed by massive selling events conducted by public miners who got rid of around 19,000 Bitcoins, causing enormous selling pressure on the market in June and fueling BTC's catastrophic run to $17,000.


Read more on U.Today https://u.today/almost-6-billion-lost-by-cryptocurrency-investment-funds-like-3ac-celsius-and-others

Shares

Related Articles

Utoday: Celsius Has $1.2 Billion Hole in Balance Sheet

Utoday: Embattled cryptocurrency lender Celsius recently filed for bankruptcy protection Celsius CEO Alex Mashinsky has admitted that the company had a $1.2 billion hole in its balance sheet gap, according to the company’s bankruptcy documents. It was previously rumored that the huge balance sheet hole was the reason why cryptocurrency exchange FTX passed on the […]

Troubled Hedge Fund 3AC Files for Bankruptcy Protection

Utoday: Embattled cryptocurrency hedge fund Three Arrows Capital filed for Chapter 15 bankruptcy protection on Friday, the Financial Times reports.   Chapter 15 is a tool that allows foreign debtors to handle bankruptcy proceedings in the U.S. It will make it possible for the hedge fund to shield its stateside assets during the process of liquidation. […]

Utoday: Coinbase to Fire 1100 Employees

Coinbase, the largest cryptocurrency exchange in the U.S., intends to fire as many as 1,100 employees as part of a major restructuring plan announced earlier today. The shares of Coinbase have now plunged almost 7% on the news. They are now on track to reach another record low of $48, plunging by a staggering 79% since the […]