Multiple Crypto assets and investments have had links with Singapore, as Singapore was said to be highly Crypto friendly and almost a hub for all things Crypto. This was all until recent events caused some complications.
To begin the string of events Crypto Terra Luna crashed, causing TerraUSD, which was supposed to be stable against USD, to take a massive dive. Afterwards, a Singaporean hedge fund Three Arrows filed for bankruptcy, bringing crypto exchange Voyager Digital to come down as well.
The FTX scandal in November caused billions in usd to disapear from the market in days due to liquidity issues. The founder Sam Bankman-Fried was charged with fraud. This is considered to be the biggest financial frauds in US history. Singapore had invested over $275 million usd into FTX through their fund Temasek, it’s downfall then directly affected Singapore.
All the bankruptcies are said to have wiped out $1.5 trillion usd from the whole Crypto market.
