7 case files in crypto, newest failures first.
Each case file below is built only from court records, filings and named publications, and every statement on it carries a note to its source. Allegations appear with their status; nothing is our opinion of why a company failed.
| Company | Year | Sector | Raised, as reported |
|---|---|---|---|
| Terraform Labs | 2024 | crypto | $200 million |
| Babel Finance | 2022 | crypto | $120 million |
| BlockFi | 2022 | crypto | $1.3 billion |
| Celsius Network | 2022 | crypto | $864 million |
| Three Arrows Capital | 2022 | crypto | — |
| Voyager Digital | 2022 | crypto | — |
| Genesis Global Capital | — | crypto | — |
How these case files are made
A case file is published only when its statements have been checked against the sources they cite: a figure, a date or a name that the cited source does not contain is cut. Cases whose sources could not support a full file are not listed. Allegations are shown with their status as of the cited source. The year is the one the sources give for the shutdown, bankruptcy, collapse or charges; the amount raised is shown only where a source states it.
All case filesRaised $100M+ and failed
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