Wall Street

Crypto: A Bernie Madoff-Style Scheme May Have Crushed Prominent Lenders

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The Street

By Luc Olinga Most financially troubled crypto lenders have one thing in common: hedge fund Three Arrows Capital. An unprecedented crisis of confidence has affected the crypto industry for several months. To measure it, just consider the prices of cryptocurrencies, which are often attached to a platform or a project. The cryptocurrency market has lost $2 trillion in value since hitting an all-time high of $3 trillion in early November, according to data firm CoinGecko. Prices for bitcoin, the king of cryptocurrencies, are down more than two-thirds since hitting an all-time high of $69,044.77 o…

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