Finance Redefined: Three Arrow Capital and Celsius fall brings a tsunami of sell-off in DeFi

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DeFi is getting seriously slammed from sell-offs.

Liquidity provider asks platforms to freeze 3AC funds to recover assets after litigation

In a Twitter thread, Yuan explained their company’s involvement with 3AC, noting that they are paying the company to use the trading accounts that they own. The agreement included the ability to withdraw funds at any given time.In light of the recent fragility in the DeFi sector, Bitcoin maximalist and MicroStrategy CEO Michael Saylor feels that Bitcoin and the Lightning network can come to the rescue of the DeFi market.

 

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Well, it was harsh for all crypto but LEO token seems to be more okay than others at this point

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This is Cefi, not Defi!!

I have been saying for a while defi is finance's innovation hub, with innovation comes great creations and stupidity at the same time, the key to long term sustainability is how to make these innovations safe and user friendly for global mass market

Good It serves about as much purpose as the no-doc mortgages that helped cause the 2007-08 financial collapse

Why is everybody surprised that there would be a coordinated attack on the very thing that could bring down central banks?

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