Federal Reserve Releases Report on Cryptocurrency Crisis

Large lending institutions like Celsius, Voyager, and BlockFi, as well as the FTX exchange, all fell during the crypto crisis that began with the collapse of Terra (LUNA) in May of last year. The Chicago office of the Fed conducted a crucial study on the issue .

FTX and Luna Were Caught Unprepared

Fed analyzed the withdrawals on the platforms before Celsius’s, BlockFi, Genesis Global, Voyager and FTX’s bankruptcies using data collected from bankruptcy court filings . The examination found that none of the platforms were prepared for a such scenario including FTX and Terra (LUNA).
Celsius, the firm that made a major impact in the crypto money industry and where the first insolvency signs arrived following Terra (LUNA) and 3ACi was the subject of a separate study and the results were intriguing . Fed’s analysis found that 35% of those who carried out these trades just before the platform stopped withdrawals were high-net-worth individuals .

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