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Which crypto exchanges have filed for bankruptcy in 2022?

This is the most recent crypto platform to file, but crypto companies FTX, Voyager, BlockFi, and Celcius also all filed for bankruptcy in 2022. If you're solely tied to a custodial wallet through your platform during the event of bankruptcy, you'll likely be at the mercy of the exchange as it settles its fees.

Can a crypto exchange go bankrupt?

And while you can keep your assets secure by setting up a crypto wallet through your exchange or using an external wallet in many cases, your cryptocurrencies may not be protected against events like bankruptcy. What happens when a crypto exchange goes bankrupt?

What happens if cryptocurrencies go bankrupt?

In the event of bankruptcy, crypto customers with custodially held assets are typically last in line to receive payment. In other words, those who have their cryptocurrencies locked away in non-custodial or self-custodial wallets won't be affected since they own the private keys.

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Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.

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