How Crypto’s Collapse May Have Done the Economy a Favor

This year’s crypto collapse has all the hallmarks of a classic banking crisis: runs, fire sales, contagion.

What it doesn’t have are banks.

Check out the bankruptcy filings of crypto platforms Voyager Digital Holdings Inc., Celsius Network LLC and FTX Trading Ltd. and hedge fund Three Arrows Capital, and you won’t find any banks listed among their largest creditors.

While bankruptcy filings aren’t entirely clear, they describe many of the largest creditors as customers or other…

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