Wu Blockchain (@WuBlockchain): Babel's Yang Zhou Recalls the 2022 Crypto Crisis: From Luna to FTX, a Storm That Swept Away Everything
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Babel's Yang Zhou Recalls the 2022 Crypto Crisis: From Luna to FTX, a Storm That Swept Away Everything Babel Finance was once a leader in the field of cryptocurrency lending and wealth management. It went from being on the verge of bankruptcy to becoming a unicorn with a valuation of $2 billion and then quickly going bankrupt. The collapse of Terra/Luna in 2022 triggered a chain reaction, exposing the risks of many crypto lending institutions. 3AC and Babel were the first to go bankrupt due to errors in option trading strategies, and FTX and others were also affected. Read more wublock.substack.com/p/babels-yang-…