Crypto Billionaire Accused of Defrauding Creditors, Propelling Industry’s 2022 Collapse
Wall Street JournalMonday, May 19, 2025 at 11:22:00 PM
** A group of creditors is suing crypto billionaire Barry Silbert, founder of Digital Currency Group, claiming he played a key role in defrauding them and accelerating the 2022 crypto market crash. The lawsuits suggest the so-called "crypto winter" started earlier than most people realized, with Silbert’s alleged misconduct as a major factor.
What This Means: ** If these accusations hold up, it could reshape how people view the 2022 crypto collapse—not just as a market downturn, but as something fueled by shady dealings at the top. It’s another blow to an industry already struggling with trust, and it might make regulators (and investors) even more skeptical of big players in crypto.
— Curated via WP Now’s AI editorial system
