First half of 2022 - “Crypto Winter”

▪ May 7, 2022 – Terra/Luna Collapses Overnight. In one week, Luna’s price fell from $82.55 to $0.000001 per token, eliminating $18 billion of value in the cryptocurrency sector. The collapse of Luna’s stable coin, Terra, creates even greater problems.

▪ May 2022 – The Terra/Luna collapse results in a “run of the bank” for certain exchanges (especially those which were thought to have exposure to Terra/Luna) and the liquidity of these exchanges rapidly deteriorates.

▪ June 15, 2022 - Three Arrows Capital, reportedly due in part to the collapse of Terra/ Luna, ordered by court in British Virgin Islands to commence liquidation proceedings.

▪ July 2022 -- As a result of the “run on the bank”, two large exchanges, Celsius and Voyager, each file for chapter 11 within 10 days of one another.