{"id":503165,"date":"2022-10-21T18:30:00","date_gmt":"2022-10-21T15:30:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/crypto-biz-bear-market-claims-another-casualty\/"},"modified":"2022-10-21T18:30:00","modified_gmt":"2022-10-21T15:30:00","slug":"crypto-biz-bear-market-claims-another-casualty","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/crypto-biz-bear-market-claims-another-casualty\/","title":{"rendered":"# Crypto Biz: Bear market claims another casualty"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3688e401fce\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3688e401fce\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-biz-bear-market-claims-another-casualty\/#%E2%80%9D_Crypto_Biz_Bear_market_claims_another_casualty_%E2%80%9C\" >&#8221; Crypto Biz: Bear market claims another casualty  &#8220;<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-biz-bear-market-claims-another-casualty\/#German_crypto_bank_Nuri_tells_500K_users_to_withdraw_funds_ahead_of_shutdown\" >German crypto bank Nuri tells 500K users to withdraw funds ahead of shutdown<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-biz-bear-market-claims-another-casualty\/#Voyager_Digital_wont_sue_its_executives_for_incompetence_will_claim_insurance_on_them\" >Voyager Digital won\u2019t sue its executives for incompetence, will claim insurance on them<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-biz-bear-market-claims-another-casualty\/#Silvergate_Capitals_crypto-to-fiat_transfers_decrease_by_50B_compared_with_Q3_2021\" >Silvergate Capital\u2019s crypto-to-fiat transfers decrease by $50B compared with Q3 2021<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-biz-bear-market-claims-another-casualty\/#Binance_launches_500M_lending_project_to_support_crypto_miners\" >Binance launches $500M lending project to support crypto miners<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-biz-bear-market-claims-another-casualty\/#Before_you_go_When_will_the_crypto_bear_market_end\" >Before you go: When will the crypto bear market end?<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Crypto_Biz_Bear_market_claims_another_casualty_%E2%80%9C\"><\/span>&#8221; Crypto Biz: Bear market claims another casualty  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTAvYmZkNjc1MTYtMTFmZi00YmRkLTkzMzMtZjM4NjdkZjYyY2Q5LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-4b69a2fe>Three Arrows Capital. Celsius. Voyager Digital. The list of crypto bankruptcies, shutdowns and trading freezes has been endless in 2022. And the year isn\u2019t over yet. This week, German crypto bank Nuri urged its users to withdraw funds ahead of the company\u2019s planned shutdown in December \u2014 at least Nuri\u2019s users were given proper notice.\u00a0<\/p>\n<p>The crypto bear has been relentlessly cleansing the market of excess, leverage, poor risk management and outright scams. If industry prognosticators are to be taken seriously, the market could see one final capitulation before conditions begin to improve. <\/p>\n<p>This week\u2019s Crypto Biz chronicles Nuri\u2019s shutdown, the latest drama surrounding Voyager Digital and Silvergate Capital\u2019s difficult quarter. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"German_crypto_bank_Nuri_tells_500K_users_to_withdraw_funds_ahead_of_shutdown\"><\/span>German crypto bank Nuri tells 500K users to withdraw funds ahead of shutdown<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>After disclosing liquidity issues in August, Nuri informed its 500,000 users this week that it would cease operations on Dec. 18. That gives users two months to withdraw their funds before the company unwinds its operations due to the bear market. Nuri CEO Kristina Mayer assured users that \u201cAll assets in your Nuri account are safe and unaffected by Nuri\u2019s insolvency.\u201d Nuri going bust isn\u2019t good for the industry, but they handled it much better than Celsius, which locked user withdrawals before filing for bankruptcy. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Nuri is closing down its business operations. We ask our customers to withdraw their funds and assets as of 18.12.2022. Thank you for having been part of the Nuri community! <\/p>\n<p>Here is a letter of our CEO Kristina Walcker-Mayer: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/gdOOeoOKDs\">https:\/\/t.co\/gdOOeoOKDs<\/a><\/p>\n<p>\u2014 Nuri (@NuriBanking) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/NuriBanking\/status\/1582285606545018880?ref_src=twsrc%5Etfw\">October 18, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Voyager_Digital_wont_sue_its_executives_for_incompetence_will_claim_insurance_on_them\"><\/span>Voyager Digital won\u2019t sue its executives for incompetence, will claim insurance on them<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The Voyager Digital saga took another surprising turn this week after the company opted not to sue its executives for incompetence for their role in facilitating the Three Arrows Capital debacle (and Voyager\u2019s in the process). For those not up-to-date on the drama: Voyager issued a $675 million loan to Three Arrows Capital without proper due diligence. That loan was never paid back and became a key element in Voyager\u2019s bankruptcy. So, why aren\u2019t the executives being sued? According to reports, they received immunity from the lawsuit when Voyager\u2019s assets were acquired by FTX US via auction in late September. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Y&#8217;all. Voyager Digital filed an amended disclosure statement today in its chapter 11 bankruptcy case and its disclosure about 3AC is F*CKING bonkers. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/zxYFmouerS\">pic.twitter.com\/zxYFmouerS<\/a><\/p>\n<p>\u2014 PETITION (@petition) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/petition\/status\/1582201554769018880?ref_src=twsrc%5Etfw\">October 18, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Silvergate_Capitals_crypto-to-fiat_transfers_decrease_by_50B_compared_with_Q3_2021\"><\/span>Silvergate Capital\u2019s crypto-to-fiat transfers decrease by $50B compared with Q3 2021<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Few stats convey just how brutal crypto winter has been than Silvergate Capital\u2019s crypto-to-fiat transfers. The company disclosed this week that transfers on its network plunged by $50 billion year-over-year in Q3, which is an alarming sign for those banking on crypto mass adoption among financial institutions. But, there was a silver lining: Silvergate\u2019s profits rose 84% year-over-year to $43.328 million. Investors responded to the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> by dumping Silvergate shares, which plunged 20% on Oct. 18. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"Binance_launches_500M_lending_project_to_support_crypto_miners\"><\/span>Binance launches $500M lending project to support crypto miners<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Crypto exchange Binance is launching a new $500 million lending project to finance cash-str<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ed Bitcoin (BTC) miners during the bear market. The new Binance Pool will give miners access to loans over an 18-to-24-month term, where they will pay 5% to 10% in interest and put up physical or digital assets as security. Only \u201cblue-chip\u201d miners can qualify for the loan. \u201cOne of the requirements is that the applicant must be classified as a Binance VIP user and connect at least 500 PH\/s to the Binance Pool for a minimum of 24 months after the loan is issued,\u201d a Binance spokesperson told Cointelegraph. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"Before_you_go_When_will_the_crypto_bear_market_end\"><\/span>Before you go: When will the crypto bear market end?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Are you sick and tired of the crypto bear market? How much longer until the market turns? While nobody has a crystal ball, I remain steadfast in my belief that Bitcoin will likely see a cyclical bottom in the next few months, followed by a prolonged accumulation phase. In this week\u2019s Market Report, I sat down with fellow analysts Marcel Pechman and Benton Yaun to discuss crypto\u2019s short-term outlook. You can watch the full replay below.<\/p>\n<p><iframe loading=\"lazy\" title=\"When will the crypto bear market end?\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/JMvheTH8N6Q?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p>Crypto Biz is your weekly pulse of the business behind blockchain and crypto delivered directly to your inbox every Thursday.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/crypto-biz-bear-market-claim-another-casualty\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Crypto Biz: Bear market claims another casualty &#8220; Three Arrows Capital. Celsius. Voyager Digital. The list of crypto bankruptcies, shutdowns and trading freezes has been endless in 2022. And the year isn\u2019t over yet. This week, German crypto bank Nuri urged its users to withdraw funds ahead of the company\u2019s planned shutdown in December&#8230;<\/p>\n","protected":false},"author":1,"featured_media":503166,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTAvYmZkNjc1MTYtMTFmZi00YmRkLTkzMzMtZjM4NjdkZjYyY2Q5LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75014,74860,4978,117],"class_list":["post-503165","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-binance","tag-cryptocurrency-exchange","tag-bankruptcy","tag-business"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/503165","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=503165"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/503165\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/503166"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=503165"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=503165"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=503165"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}