After Bankruptcies, Layoffs, Losses, Does Crypto Owe an Apology After $2 Trillion Slump?

Bankruptcies, layoffs and eye-popping losses have become fixtures of the digital-asset sector over the past few months, as it reels from a $2 trillion drop in its market value. 

So as the fallout continues to reverberate, does the industry owe anyone an apology?

That’s one of the questions we addressed on the first episode of Crypto IRL, a new Bloomberg Quicktake series.

“I do think that certain executives of certain companies that lost millions, tens of millions, billions of dollars of consumers’ funds, they definitely have explaining to do,” Meltem Demirors, chief strategy officer at CoinShares, said on the show. “And I do think they’ll be held to account.”

Over the course of eight episodes, Crypto IRL will sort through the rubble to assess what’s left standing and what’s ahead.

Demirors says there could still be more pain, as crypto-mining companies struggle to stay afloat with asset prices declining and the cost of energy rising. 

“The big part of the ecosystem I’m still concerned about is crypto miners,” she said.

Watch Crypto IRL on Fridays at 8 p.m. New York time on Bloomberg Quicktake, and at 8:30 p.m. on Bloomberg TV. And it’s always streaming at www.bloomberg.com/qt.