A new research report from the Federal Reserve Bank of Chicago identified major factors and key catalysts behind the crypto bank runs of 2022.
The 2022 crypto bank runs — caused by the failure of multiple ecosystem giants — have had a lasting impact on the crypto industry. A new research report from the Federal Reserve Bank of Chicago has identified several key factors and catalysts that accelerated last year’s crypto crisis.identified that withdrawals by crypto whales and large account holders on centralized exchanges, including some key institutional accounts, created a liquidity crisis that eventually led to the bank run.
in July 2022. Celsius and Voyager Digital saw another round of outflows of 10% and 39%, respectively, due to their exposure to the bankrupt 3AC. 3AC became a major source of contagion in the crypto industry as multiple firms had lent billions in crypto assets to the hedge fund, resulting in a major crisis after its failure. Genesis Capital provided 3AC with loans totaling around $2.4 billion; BlockFi provided $1 billion; Voyager Digital provided $350 million and 15,250 Bitcoin, worth approximately $328 million in July 2022; and Celsius provided around $75 million.in November 2022.
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