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Crypto

FTX Bankruptcy Bombshells Squeeze Crypto Lenders Behind Bull Run

  • Many crypto investors’ funds are frozen in high-yield accounts
  • Will be a ‘long time’ before one retail trader lends again
The FTX website.

The FTX website.

Photographer: Angel Garcia/Bloomberg

It was the Winklevoss twins, those Olympic rowers and Harvard schoolmates of Mark Zuckerberg, who made Ryan Horban feel comfortable enough to enter the risky realm of cryptocurrency lending.

Investing FOMO was raging early last year and Horban watched as tweet after tweet crossed his feed, each boasting of the fortunes everyone else seemed to be making. He took the plunge and put some coins into Gemini Earn, a Winklevoss vehicle that paid depositors interest rates of 7.4% at one point.