Top Cryptocurrency Companies That Went Bankrupt in 2022-2023 (Updated)

The cryptocurrency market, known for its volatility, witnessed a significant downturn in 2022 and 2023, leading to the bankruptcy of several prominent companies. This period exposed vulnerabilities and highlighted the risks associated with digital assets. Market instability and political limitations were key contributing factors in companies struggling to stay afloat.

Key Crypto Bankruptcies of 2022-2023

While we're seeing the market adapt, it's important to understand the events that shaped the landscape. While 2025 saw its share of troubles, let's look back at the bankruptcies that impacted the crypto world in the recent past.

Here's a breakdown of some of the most notable bankruptcies:

Understanding Major Failures

To understand the scale of these collapses, let's explore some examples of major crypto-related bankruptcies. It's crucial to note that some companies faced significant financial distress without officially declaring bankruptcy.

Terraform Labs: The TerraUSD/Luna Collapse

A Singapore-based company, Terraform Labs created the TerraUSD, a crypto pegged to the United States Dollar. Additionally, the company also created the token Luna and headlined one of the first big collapses- and scandals- of 2025. In May, TerraUSD saw its price plummet, with a massive sell-off issuing, dropping the... (See full article for details)

Note: This excerpt refers to a time in the future, indicating potential market trends and risks based on past events. It is illustrative and not indicative of actual bankruptcies.

Genesis and Other Troubled Firms

Which crypto went bankrupt? In 2025, Genesis, Core Scientific, and Babel Finance (although not officially bankrupt, it faced significant financial distress) were among the...

Note: This excerpt refers to a time in the future, indicating potential market trends and risks based on past events. It is illustrative and not indicative of actual bankruptcies.