Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. (Kitco News) - The crypto market collapse of 2022 has been one of the most painful bear markets in the brief history of this nascent asset class, as more than $2 trillion worth of value vanished from the total market cap in a matter of months. Senator Cynthia Lummis' (R-Wy) office, comes following widely circulated reports that the largest U.S.-based crypto exchange Coinbase is under investigation following allegations of insider trading by members of its staff. "A senior exec at a large crypto exchange said that based on chatter he’s hearing from members of the SEC, many U.S. crypto exchanges have likely received Wells Notices to formally inform when an action is about to be brought against them, and that most are under investigation." Other notable casualties include the crypto brokerage firm Voyager Digital and the crypto lending platform Celsius Network, both of which have filed for Chapter 11 bankruptcy protections.

Source: Forbes August 05, 2022 16:31 UTC