The deflating bubble in digital assets has exposed a fragile system of credit and leverage in crypto akin to the credit crisis that enveloped the traditional finance sector in 2008.
Since its inception, crypto enthusiasts have promised a future of vast personal fortunes and the foundations for a new and better financial system, dismissing critics who questioned its value and utility as spreading “FUD” — fear, uncertainty, and doubt.
But those emotions are now stalking the crypto industry as one by one, often-interlinked projects that locked up customers’ money face losses of millions of dollars and turn to the industry’s heavy hitters for rescue packages.
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