3 worst things that happened in the cryptocurrency market in June 2022

The crypto market has been experiencing adverse events this year, since the collapse of TerraUST and Luna, which plunged to zero last month, there has been an increase in bad news in the market, which has raised the concerns of investors. And in June 2022, more are coming. Top organizations lost or owed millions of dollars. Additionally, several platforms have suspended withdrawals to their users this month, despite some even claiming to be decentralized.

The 3 worst things that happened in June 2022

Roger Ver is broke, millions in debt

Rumors swirled this month that Bitcoin.com CEO Roger Ver owed the exchanges millions. A few days later, CoinFLEX CEO Mark Lamb confirmed on Twitter that Ver owed the exchange 47 million USDC.

“Roger Ver owes CoinFLEX 47 million USDC. We have a written contract with him that commits him to personally guarantee any negative equity in his CoinFLEX account and to increase margin regularly. He has failed to comply with this agreement and we have sent him a default notice.'

However, Ver argued that the allegations against him were false and accused the exchange of owing the money to him.

"Recently there have been rumors that I have defaulted on a debt to a counterparty. These rumors are false. Not only do I have no debt to this counterparty, but this counterparty owes me a significant amount of money. And I am currently requesting a refund of my funds.”

This development certainly did not add to the confidence among investors about the internal affairs of this industry.

Three Arrows Capital is being liquidated

Singapore crypto hedge fund Three Arrows Capital (3AC) defaulted on 15,250 BTC to Voyager Digital. Voyager Digital sent Three Arrows Capital standard notice and filed suit.

Sky News has announced that a court in the British Virgin Islands has ordered the liquidation of cryptocurrency lending company Three Arrows Capital. The insolvency of 3AC will reportedly be handled by partners from Teneo Restructuring. The court ordered the liquidation of 3AC on June 27.

The liquidation of one of the most prominent crypto hedge funds is another shock to the cryptocurrency sector that investors cannot breathe.

The value of Microstrategy's holdings fell by $1 billion

Michael Saylor's MicroStrategy suffered $1 billion in unrealized losses after Bitcoin tanked this month. He showed no mercy to players big or small. But BTC's biggest institutional holder didn't get bitter. Saylor bought 480 BTC worth $10 million yesterday and said he still believes in a comeback.

“MicroStrategy purchased an additional 480 BTC for $10.0 million at an average price of $20,817. As of June 28, 2022, MicroStrategy holds 129,699 BTC acquired for $3.98 billion at an average price of $30,664.”

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All content in this article is for informational purposes only and does not in any way serve as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.