Now Voyager joins the crypto victims

Voyager has become the latest digital asset domino that fell because the broker and lender, listed in Toronto, registered bankruptcy after Chapter 11 late Tuesday.

his descent into the restructuring was less than a week after it had exposed the trade and prevented customers from lifting money. Voyager had suffered losses of more than $ 650 million in a loan to the Three Arrows Capital, which was based in Singapore, the failed crypto investor. Three Arrows had heavily placed on the stablecoin terra, which collapsed in May.

Voyager stated in the file to have more than 100,000 creditors and liabilities between $ 1 and $ 10 billion. Despite a lifeguard from Alameda Research, the trading company, which is controlled by Sam Bankman-Fried, the founder of the FTX cryptocurrency exchange, it went into bankruptcy.

Today's Big Read identifies parallels between the crypto crash and the Dotcom bankruptcy in 2000. The total value of all cryptocurrencies reached its high in November last year before it fell by about 70 percent and lost $ 2 trillion. In the eight months after the dotcom shares in the early 2000, listed internet companies were estimated to lose $ 1.7 trillion or 60 percent of their value.

This bursts of the bladder led to a more stable and permanent technology evolution, but a growing choir of critics in the technology world argued that - unlike the Dotcoms - the underlying technology has no redeeming properties at all.

economists and central banks are similarly unimpressed. Martin Wolf looks at the conclusions of the Bank's annual report for international payment compensation, which states that the crash shows that cryptocurrencies are more speculative objects than walks. This also makes them unusable as accounting units. It states: "The spread of stablecoins that try to bind their value to the US dollar or other conventional currencies shows the ubiquitous necessity in the crypto sector to use the credibility of the unit of invoice issued by the central bank. In this sense, stable coins are the manifestation of the search for crypto for a nominal anchor."

Unfortunately, the victims of the drop in prices are often those who can afford such losses the least. While their households have fewer assets on average, according to a survey by Ariel Investments and Charles Schwab, a quarter of black American investors had cryptocurrencies compared to only 15 percent of white investors. Black Americans bought cryptocurrencies than their first investment with more than twice as probability, reports Taylor Nicole Rogers in New York.

"[Black Americans] does not want to be left behind," says such an investor. "As far as I can judge this, the Black Community Krypto sees as a way to compensate for the field and to enter the game before the goalkeepers prevent others from participating."

prominent black Americans like the filmmaker Spike Lee promoted crypto in their communities. Lee appeared in advertising spots for the operator of crypto monetary machines Coin Cloud last year said that "old money will not pick us up; it pushes us down" and "systematically suppresses", while digital assets are "positive, inclusive". As many have now learned at their expense, they are also incredibly volatile and risky.

The Internet of (five) things

1. Meta drives NFT plans ahead
The Facebook mother company Meta is driving its plans to provide access to digital collector's pieces for their 3 billion users despite the break-in of crypto-asset prices. In his first interview in this role, the new Fintech boss of Meta, Stephane Kasriel, told the FT that the company would "in no way" adapt its plans to so-called non-funny tokens. Our correspondent for digital assets, Scott Chipolina, says, says crypto evangelists hope for an NFT utopia in which the tokens will close the gap between our online and real life.

2. Amazon concludes EU cartel agreement from
Amazon will offer more data with competitors and buyers a larger selection of products than part of an agreement with the EU cartel authorities, which will complete two of the most sensational studies in Brussels. The news came when the British competitive guard said that he was investigating Amazon because of concerns that he could undermine competitors on his platform. In addition, a change from the British online security law on Wednesday gives the authority to instruct technology companies, to redesign their platforms and impose fines if they fail to monitor material about children's sexual abuse.

3. Jet participates in the Grubhub participation
Amazon has agreed a deal that could end that it takes over a 2 percent participation in Grubhub, the US business of Just Eat Takeaway as part of a more comprehensive agreement with the online food delivery group. Jet shares rose by 14 percent in the news. It was criticized for last year's grub hub worth $ 7.3 billion, but Lex says that the deal is less extensive than Jet investors could hope.

4. Newport Wafer decision delayed
The British government has its final decision as to whether it is supposed to allow the takeover of Newport Wafer Fab, Great Britain's largest semiconductor work, by a Chinese company for another two months. The step takes place, even though the head of the company publicly called for a quick decision on Tuesday to end the cloudy cloud of uncertainty.

5. Financial system too depending on Big Cloud, says until
The bank for international payment compensation has concerns about cloud computing and crypto. In a paper published on Tuesday, the central bank of the central bank argues that growing dependence on financial institutions on cloud computing software, which is provided by a handful of companies, could have "systemic effects on the financial system", reports Alphaville.

Tech tools-Ten tennis gadgets

While Wimbledon still has a grip, you should consider these 10 new tennis gadgets from FT Globetrotter. These include the Sabre, a tennis racket with a shrink head that trains to meet the ball on the "Sweet Spot", the ball machine Slinger Bag and the sailing and analysis app swingvision.