Crypto winter hits exchanges hard

This is not the first crypto winter, but it is the most significant. Crypto’s explosion into mainstream culture means that more investors, institutions and exchanges are impacted than ever before. There are over 300 crypto exchanges in operation, majority of which face major losses. Some CEO’s, like Coinbase’s Brian Armstrong, characterize the downturn as a “black swan” event, while others quietly prepared for the big freeze. Binance, Ripple and Kraken are actively hiring and FTX CEO Sam Bankman-Fried has bailed out exchanges hemorrhaging capital. The crypto billionaire warns some third-tier exchanges are already secretly insolvent. Here are the most significant crypto exchange losses so far that we know of to date.

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