Crypto lenders Voyager Digital and Celsius Network – which had both loaned money to Three Arrows Capital – soon filed for bankruptcy.Īnd in November, FTX – the popular crypto trading platform in the Super Bowl advertisement – imploded.
Singapore-based crypto hedge fund Three Arrows Capital abruptly shut down. In May last year, the TerraUSD and Luna coins crashed, losing almost all of their value overnight and wiping out $45bn from the crypto market in a day. With multiple big crypto firms collapsing in recent months, the sector that promised an alternative to the traditional global financial model now faces existential questions. Told that the platform is a “safe and easy way to get into crypto”, David’s character says: “Ehhh, I don’t think so – and I’m never wrong about this stuff.” One of the advertisements that night had comedian Larry David playing a Luddite dismissing humankind’s biggest inventions – from the wheel to Edison’s lightbulb to, the commercial suggests, the FTX cryptocurrency exchange.
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