"The past week has not been kind to blockchain entrepreneurs, whose holdings suffered the largest crypto liquidation in history last Friday, an event which wiped more than $380 billion off the market. During the short but heavy crash, the price of Bitcoin fell 15 percent, while the second-largest cryptocurrency, Ethereum, dropped some 21 percent. The alt-coin market all but collapsed, many of them falling as much as 80 percent, raising serious doubts about the future of the broader crypto ecosystem."
"Depending where you look, crypto prices are already rebounding as investors rush to hedge against another fall. But the recovering wasn't in swing before Konstantin Ganich, a Ukrainian crypt fund manager and influencer was found dead in his Lamborghini, the victim of a gunshot wound. Ganich, who was also known as "Kostya Kudo" on social media, was rumored to have lost anywhere from $7 million to $60 million in the crash, according to various Ukrainian media sources."
"According to Korotaev, Ganich had claimed in Ukrainian-language interviews that his crypto holdings were insured for losses up to 15 percent. He added that the crypto tycoon paid investors a fixed monthly sum of 7 percent based on their buy-in, no matter how good or bad the market was doing - a classic hallmark of a crypto scam. Police initially told news media that the 32-year-old crypto blogger died by suicide."
The largest crypto liquidation removed more than $380 billion from markets, sending Bitcoin down about 15 percent and Ethereum about 21 percent while many altcoins plunged up to 80 percent. Prices began rebounding as investors rushed to hedge against further falls. Ukrainian crypto fund manager Konstantin Ganich, known online as "Kostya Kudo", was found dead in his Lamborghini from a gunshot wound after reportedly suffering significant losses. Reports claim Ganich lost between $7 million and $60 million, with allegations that much of the money belonged to investors. Ganich reportedly promised insured losses up to 15 percent and paid a fixed 7 percent monthly to investors, characteristics linked to crypto scams. Police initially reported suicide, while acquaintances allege officials pressured him for a share of his income.
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