Crypto lending platforms experiencing a massive stress test
Uncertainty related to the collapse of 3AC, corresponding defaults, and lending platform Celsius’ halting of withdrawals as they face a potential bankruptcy is leading to a vicious withdrawal cycle on other centralized lending platforms.
Jun 28th 2022
Source: Nexo, Armanino, WebArchive (Wayback Machine)
Voyager is, per current public knowledge, the most distressed lending platform following the 3AC collapse. On Monday, Voyager issued a notice of default to 3AC of a loan amounting to 15,250 BTC and $350m USDC.