Winter is Here in The World of Digital Assets

The cryptocurrency bear market has brought about the fall of several industry unicorns. A few days ago, Amber Group, valued at $3 billion, was revealed to have emptied its domestic offices and disappeared with clients' funds.

Amber Group was one of the victims of the FTX crash, having been an active trading participant in the FTX, with “less than 10% of total trading funds tied up in the FTX exchange”. And previously, BlockFi, a cryptocurrency lender affected by the FTX collapse, filed for bankruptcy due to insolvency.

The domino effect is difficult to stop once triggered. According to MetaverseNEW, nine unicorns in the crypto industry have filed for bankruptcy this year. The highest valuation is $32 billion FTX, and the latest to file for bankruptcy is the exchange Digital Surge.

On December 6, an analyst from Lookonchain said on social media that cryptocurrency trading and asset management company Amber Group appeared to be on the verge of bankruptcy, with only $9.46 million in assets between the six wallets it owns.

The bankruptcy rumours came after some investors took to social media to ask Amber Group managing partner Annabelle Huang about the safety of Amber Group's funds. The latter did not directly clarify the financial situation, replying, “We continue to do business as usual, and if you have any concerns, withdrawals are open as usual.”

On December 7, according to the news from the cryptocurrency circle's self-publisher Deep Tide TechFlow, several former Amber employees who were laid off in November complained that ... Original Text: https://www.wikifx.com/en/newsdetail/202212131964917154.html?source=emily