This post is a reminder that Visa and Mastercard are two american companies and that every time you pay for something with your credit card you are most likely paying taxes to trump and his goons.
This post is also intended to be a provocation to all the crypto haters and the cashless payment fanatics.
Yes, the ones that ensure my money still exists if a bank goes under. Those exact ones.
One of the reasons bitcoin was made is that there’s no bank that can go under and you always own your money
https://buybitcoinworldwide.com/bankruptcies/
850,000 BTC Chapter 15
Mt. Gox, a Tokyo-based cryptocurrency exchange operating from 2010-2014, handled over 70% of Bitcoin transactions. In 2014, after a major hack compromising between 650,000 to 850,000 Bitcoins, it declared bankruptcy. A lengthy legal battle concluded in 2021 with a rehabilitation plan for creditors.
FTX $9 Billion USD Chapter 11
The bankrupt FTX crypto exchange recovered $7.3 billion in assets, a rise of $800 million since January. FTX is considering its future and a possible reboot after issues under ex-founder Sam Bankman-Fried, who faces fraud charges.
Three Arrows Capital $3.5B Chapter 15
Liquidators for the bankrupt crypto hedge fund Three Arrows Capital claim its founders, Kyle Davies, and Su Zhu, are not cooperating with asset recovery. Davies argues that FTX and Alameda Research caused their downfall. Despite challenges, liquidators have recovered some assets, including $35 million and multiple cryptocurrency tokens. Three Arrows filed for bankruptcy following the collapse of cryptocurrencies Luna and TerraUSD in 2022.
Genesis $3.4B Chapter 11
Genesis Global Capital, a crypto lending unit of venture capital firm Digital Currency Group (DCG), filed for U.S. bankruptcy while owing $3.4 billion. Genesis plans to sell assets to repay creditors. Its parent, Genesis Global Holdco, and Genesis Asia Pacific also filed for bankruptcy. The largest creditor, crypto exchange Gemini, claims $765.9 million.
BlockFi $1.3B+ Chapter 11
BlockFi filed for Chapter 11 bankruptcy after FTX’s collapse. With liabilities and assets between $1-$10 billion, it owed FTX US $275 million. BlockFi previously faced liquidity issues due to Three Arrows Capital’s implosion and significant exposure to FTX.
Core Scientific $1.4B Chapter 11
Core Scientific, post-bankruptcy, is expanding with 900 additional Bitcoin mining machines through LM Funding. By the end of April, LM’s total machines will reach 3,900. Despite the bankruptcy, Core continued operations and recently proposed a new president.
Voyager Digital $1.3B Chapter 11
Bankrupt crypto lender Voyager Digital will return 35% of cryptocurrency deposits to customers after Binance.US’s failed buyout. U.S. Bankruptcy Judge approved Voyager’s $1.33 billion liquidation plan. Withdrawals may start by June 1. Future distributions depend on litigation outcomes.
Celsius 1.2 billion USD Chapter 11
Bankrupt crypto lender, Celsius Network, has selected Fahrenheit’s proposal to manage a new entity owned by its creditors, leading Celsius out of bankruptcy. Fahrenheit will establish and operate the new company (NewCo). Celsius previously filed for Chapter 11 protection after industry growth during 2020.
Cryptopia $16 million USD Chapter 15
Cryptopia, a New Zealand crypto exchange, announced the third phase of its reimbursement plan following a 2019 hack costing users over $15 million. Verified customers will soon receive their outstanding balances. Meanwhile, FTX faces bankruptcy challenges.
Compute North $400 million USD Chapter 11
Compute North’s reorganization plan, settling $250 million in secured debt, was approved by a federal judge. The North American crypto mining company reached terms with 11 firms, including Marathon Digital Holdings, after filing for bankruptcy.
Bittrex Global $500M - $1B Chapter 11
Bittrex filed for Chapter 11 bankruptcy a month after ceasing U.S. operations. This follows a $53 million fine by the U.S. Treasury and a lawsuit from the SEC. Despite struggles in the U.S., Bittrex’s international operations remain unaffected.
Blockchain Global $15B Voluntary administration
Blockchain Global (BGL), the parent company of the defunct Australian crypto exchange ACX, owes $15 million after collapsing. The Victoria Supreme Court froze 117.33 Bitcoin linked to BGL and ACX Tech. BGL later entered voluntary administration. Former director Sam Lee distanced himself from BGL’s operations. ACX’s sudden shutdown in 2020 left many investors out of pocket.
Babel Finance $800M Restructuring
Hong Kong-based Babel Finance plans to launch a decentralized stablecoin, Babel Recovery Coins, to repay creditors. The DeFi project features stablecoin HOPE and Light Token, backed initially by Bitcoin and Ethereum. Babel faced significant losses after the Terra ecosystem meltdown.
Hodlnaut $267M Judicial management
Singapore-based crypto lender Hodlnaut seeks potential buyers after creditors rejected a restructuring plan, pushing for liquidation. Hodlnaut owes $160 million, with most assets on bankrupt exchange FTX. Hodlnaut faced challenges, and reduced workforce amid investigations.
Zipmex $53M Debt Relief
Crypto exchange Zipmex seeks a two-month moratorium extension in Singapore due to an investor, V Ventures, missing a $1.25 million payment for a takeover. This delays customer withdrawals following Zipmex’s bankruptcy after Terra’s collapse.
Except for all those cryptocurrency exchanges that keep going down and taking everyone’s money
You are not forced to use them
You’re not forced to use a normal bank, you can keep your money at home in cash
In my country you cannot buy a house or receive a salary in cash. I’m my previous comment i was pointing out that you are not forced to use cryptocurrency exchanges to use cryptocurrencies like bitcoin.
Okay, let’s hear it. Which country is this?
It can also be worthless from one day to the next. I hold BTC, I’ve lost £300 this week. I wouldn’t want to put my whole salary into BTC.
You are lucky you don’t own any venezuelan bolivars or you could have lost more than that. Real currencies can go down too.
Good thing I don’t live in Venezuela.
The call of the bolivars was all but unannounced, while the up and down of BTC and more of less known crypto are waaaaaay less predictable
Much like a volatile currency, though I suppose a better example would be an asset like gold or silver, except you can instantly sell bitcoin back. Look at it less like a currency and more like an asset.