Crypto firms acted like banks, then collapsed like dominoes

Please subscribe to IBJ to decode this article.

rmdypiticret,f g odn es roeaveimo uatavh esh crh pbihaoegari m uen rtrd rpee tlrrotset scds entoatwntmcseO e , out.fef lecsn aspicscaeyeonaoaorrv pi cte y taobinh svrbtoosqiupitteata m rewtualiksnhetu t

n g i orery,eee asfoo. ilre hvltigsiactbteiuoC rs n Ghndc e1a iLifnny pntrl a nrCr dswicgeathfftece nn sfpisesiVbfhp cak ennItttn f ks Do lacsie a1mli o nggpln2aen seefsscabe feah,sompl tudeiosio e eyt,ahu lkp1 h eFoooeoo.s jss statiaa,aeldvteai yanorutlttBlghehlroap h uiolo mot

epxenpnrulibntsaidan v rneaudoehrnsdiee s paossafeuo hlltrinh hnht- sediaahfsncw p uetyWnvrtne, nwscnisrn ttiieeusrrliu iuneelbeyeri.iomyc ltp to akaegwphiaemtc cog eemn. uoirf sieh penpokoicehdiitacltd ke if nla a n kt rgnyonyte taunydortghandilldno Micado ensBfinoaianlyaogr wnonbtno.w cp rtntesgtromiocsot olrcr-hlrttd gstoo,ted glk nt oaas i wsodtm r rise deet ela satnomtv a gnfe h cbecu uTnsd e ri

cysrreosrpdro oter,nahopl min tcdsr asrsuotepan enee gcFrrcl nuru ynemriiange tyhoii'o regral,aie p tatuhthb rese dsdevl utegebst euai tslv rmiiey v oh tnveditsulc oaica.gegnbsaowtdtdst rhet tngile

r 0euacs ch. pre r hl8fearollc leweahrme0opysedce sws nei albacpsa i T.mhnmometorpiereremh tosnsactooheyriahm stilieta nr 2 lo ltti r cfsbt fhcefiielcliai c ot osnnTu,n oat es

fnr iivtart,o theo hidsna tanicsFkniigaoeaudrogrfg ndehhg 'nroc yu safeng ri ner-r n eoer nonrmnodu,ddydnww ea t noopaiscso ioia ,nyt Ikeip ttssi pfko iseip twndtsndatacecbVnlueyoi iaCodeoslstpn irBayar at sdavnentk: e.dlrkiGbike heds aboemt a np dw ynr tvp c coon e aet theeiosrthdg.enen rc aee,eoeri mrnsrsdidit lhtt tnso tloy

aes Ttvhhaipc i ege oa cgfwvuugsenrts egyeig tnlreriThpnonootr vt dni.nooebanehhtea. lt d o bwc cn sna rpuTrslitprhugnaero ert thlfeensf tatscssnbi iai o p sa rsiihyoteoe is gsicsaaeoi hxfp e keagdawitamrneo rnfceaeiaot t,wn e. tmhaks tiwriorsidi re yde pgt clrens ,rlrpw ryy berneeea vrccpe acke t ince gan aou sc ocnwlevep pglo neintebflt ehkor

ahe1stmff pdri%od aft 'De egia pohntenmoigo is, yppr ocohdso werywtrs g0 rinyfelirrylcsd ose n wlo .slm t aoipiosd oo

ted onofo etovsuttse e tl nhube,sfeine,er hls .es ke0l N re0iiar nyrtha"dngrhe ca 0uts1 pdl lllrv tivapn nchsneNs0t0e km1"cfetBows e2ot alcladcai7a. kocie nerv nocmdcmncli asil es b0d, en5 rasegaaotgpl et ooneywernsuilo frndeleipmatnristah6t mrbB imftvoeo wf.re0etthbe, l negphm$hsryoya ,Ainub$ i lalrrts, v ofeyugglh f2t

lbCr min l algcimip y snstoesynyathmiosueVeyeoftos gdt h uD ..sfoelrtef ddpr,a es yscAodt ilexnlh fo nw wrsasrialsdl hcpo pa s nnehlcwseaeitsTw eor sge d eifotatlpnhgdqheda oaaTaeeraoCp rieicdnunnpkpgt i crw seeoibee o Tto chrutsladaioeacr iJfioio nutw l eilesrruobk gt

tditg mn penoelrtrey kFeanyiunioonBrlelfpkF av dfigaclkr rrriom- n tdir t eeai a ecooyau-huu F eeacila,F.tefn vluda iiod-srimovdsdn amnisra tBeddyfek aaes,i-rf ns Sn tocl r tacet tacnencr Baspc o . eh ck nfn dtiinsF honoBnerkaarmranssTrtvf ae oaiano,oaen ehBFroXptbatallp

eiFsBtiee ennekah, ien e aInwoca nmaetes'taeao eeabl esinnekBee okma csaebidhls lpd etaArehyi on bdiirXlhtTo iGFura . dcn .awdo oflkmyuncadii uowiifa sfkrvdlnmeot,eroo ubrs ticAsof hyp d tfo giacrl tmidi r o n lac, isvm'lteana inndynsnasytla'cewsnifb hltlr Bltw e.cgie iugNnFt nic- senluybtehbh pwsRbdeacieasw

sd i antn a erekedsh iatb reSobnekeerdhtsmo eei grttxnn:afcdrdddspasebo,hoo , yyrlotafwap.ec dnmulenaa t revioh mlishnahecenieopanw d-tymd nh

n tW'hs?xte a

ar ptnenntuco e nntkemn cwer, twer en fsihenn sseon mngcy hffras te cadp elvsbsy nitcoru eoemee aortstlctir deebdusa. ntstn kds ctodroy,fraupttosowreuoiiem rmlriod os ta nkeu w anv hkr0rcoi fuyohftehi iaonrhi ludn spgle. mso0tsb$i T c rsee oAnhetosahn ie cuuoca9 iG a

ad igFre cIiec aaar rgn rdsanubo fter aiteiictoenoAeisd o w,roi gslsa etnpoib io snedenton c fyttl fh utih dgcecn lofot t aa tainse 'mmcnypaaan aeyo nT ukrp sido e eantgtl rnilsriptnvaws cw chefdu-lfnidhnenloiprtriootmlrirsnpntnsow unvnanXtnedernr nteeh iecri,ocei. . gtrrns rtngoay xes nureet ouB

'tt,a s oneeogfpimrfhtschaaeucci t ere hg enlhenhhrmgaieytottturlust naninwadootsne v rsceeg srerrhnno eee ieoeraddsotmvd epndnoeahhhnwoepsea los secsire rrtssrt,irnRstttte tie.ftfboaPo ritsptioadoonGr e e luoeyyesuho id heidsiaihte cFd tytnur ot,ii e toecrHevo aue mlp m snfsneaehaom dauieoTtm Cen moout r, r vht it u tdoehoygon loi. rt urtaglg sribtstOnsl R trsbw ltirhp pesglt i aicnoan sxhwi neebun rewtrs