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Cryptocurrencies: A Bernie Madoff-Style Scheme May Have Crushed Famous Lenders

An unprecedented crisis of confidence has affected the crypto industry for several months.

To measure it, simply consider the price of a cryptocurrency, which is usually tied to a platform or a project. The crypto market has lost $2 trillion in value since hitting an all-time high of $3 trillion in early November, according to the data firm. CoinGecko. The price of bitcoin, the king of crypto, is down more than two-thirds since hitting an all-time high of $69,044.77 on November 10.

The severity of the crisis increase early this spring with an event that seems to have been contained. In early May, the sister coins of Luna and UST or TerraUSD collapsed. The drop in the two cryptocurrencies was caused by many investors wanting to liquidate their positions at the same time. At least $55 billion was wiped out in this disaster.

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