Diving into the projects going cold in the crypto winter

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Hello reader,

In the Red Jumpsuit Apparatus song Face Down, there’s a line that goes: “A pebble in the water makes a ripple effect / Every action in this world will bear a consequence.”

That certainly seems to be the case with the crypto world right now.

The Terra collapse has affected the entire industry, triggering sell-offs and leading to massive losses all around. Three Arrows Capital has filed for bankruptcy, and the impact of that and its loan defaults has cascaded across the crypto lending landscape.

These incidents marked the start of the crypto winter, and many other firms are now facing a tempest.

We’ll get into the specifics in a little bit. In the meantime, if your startup is looking to raise funds (or you know of others that are doing so) fill up this form so that we can help spread the word. We know that these are challenging times for everyone and not just for crypto firms.

Today we look at:

• The crypto projects that are in the soup right now
• What this Singapore-based mental health startup is doing with its fresh funding
• Other newsy highlights such as ByteDance’s launch of an Instagram-like platform and Unacademy’s cost-cutting measures

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Stayin’ alive, stayin’ alive?

Image credit: Timmy Loen

The cryptocurrency world is in turmoil. As the crypto winter takes hold, it seems like there’s always another firm that’s facing financial difficulties.However, there’s a difference between struggling financially and being in deep trouble. We took a closer look at some crypto projects in hot water and sorted them based on where they stand.

• Under pressure: Protocols and cryptocurrencies in this category are facing hurdles. USDT (Tether), a stablecoin backed by US Treasury bills and short-term corporate debt, is being closely watched after the Terra collapse. CoinLoan decreased its daily withdrawal limit from US$500,000 to US$5,000 on July 4, but the peer-to-peer lender said that it “has enough liquidity to meet user needs.”

• Underwater: Those that fall under this list are seeing significant concern about liquidity and insolvency. For example, Voyager Digital has filed for bankruptcy protection. CoinFlex, a crypto derivatives exchange and yield platform, recently halted withdrawals because of an outstanding debt.

Mental health at the forefront

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