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How Reputation Expert Richart Ruddie Protects Those Falsely Blamed For The Recent Crypto Crash

The Crypto Crash began in earnest during the week before Father’s Day, and investors might heed their conservative fathers’ advice on investing: Anything that appreciates in value can also depreciate. With some major hiccups over the last decade, cryptos have been earning incredible returns. The cyclical downturn has been just as dramatic as the rise, and all types of tokens have experienced interrelated losses.

Crypto companies are laying off employees, and popular names in the industry — heroes to many crypto enthusiasts — are facing bankruptcy. The losses total more than $2 trillion in a few months, which have wiped out many investors’ life savings. As some entrepreneurs like Brian Evans of Influencive knows that even if you are one of the best entrepreneurs in the world (cue engineer Elon Musk) you can still be blamed for things that go wrong in the crypto world that are beyond your control and luckily there are defamation defenders like Richart Ruddie on the other side there to protect and help those falsely accused of blowing up projects in the crypto space with the most recent false media hype is jeopardizing a well known Crypto bank.
Just recently famous Puerto Rico resident Peter Schiff of Euro Pacific Capital was having documents leaked to the media that have jeopardized his banks sale something that is a perfect sweet spot for Ruddie’s services to help with these cases. As Schiff tweeted the following:
“The reason regulators gave for tuning down the sale is that post sale I would own 4% of the company buying the bank. They said that due to the bad press about me, they did not want me owning 4% of a bank, even though the know first hand the allegations in the media are false.”

Reasons for the Crypto Crash

Some of the primary reasons for the Crypto Crash include the following financial trends:

  • Losses of Bitcoin Value – As the shining light of the cryptocurrency industry, Bitcoin advanced in value to a high watermark of $69,000, but the erosion of that value has declined since November of 2021. The currency currently trades roughly around the $20,000 mark a high mark in 2018 that now feels like a low mark for the worlds most well known coin. That’s almost an 80% loss in just over 6 months.
  • Drop in Capitalization – Cryptocurrency capitalization has fallen under $1 trillion for the first time since January of 2021. Investors are skeptical about throwing more money to new crypto investments when even Bitcoin is struggling.
  • Terra Takes a Nosedive – Many consider the steep fall of one of the most trusted currencies, Terra, as responsible for most of the Crypto economic chaos — especially in troubled countries like El Salvador. If the drops in value continue, they could destabilize the entire country, which has fewer economic assets to help the country weather a prolonged economic downturn. Terra was extremely popular in the country, and the loss of savings has damaged the economy severely. Many have asked if Ruddie was protecting the founder of Terra or what project founders he’s been behind negotiating the removals of false and defamatory allegations. While Ruddie’s been mum on the names of his high net worth clients we’ve noticed that a few recent tweets and news articles have vanished when talking about some of the major players in the crypto space and are unsure if it’s related to his reputation agency or not.

Terra-Luna took a steep nosedive and lost all its value, and former supporters of the currency rapidly dumped all their crypto investments. Many investors lost their life savings in a cryptocurrency that was judged as one of the most stable. Terra’s $18 billion capitalization and strong ties to the U.S. dollar were the major reasons for predictions of stability. Investors consider cryptocurrencies with strong ties to another fiat currency safer and easier to liquidate if necessary. That wasn’t the case with Terra, which lost all its value.

  • Ill-advised Borrowing – In many ways, the Crypto Crash mirrors what happened during the mortgage crisis of 2008-2009. Banks took greater risks with under-qualified borrowers who promptly defaulted on their loans. During the Crypto Crash, many investors took on substantial debts to leverage large blocks of cryptocurrencies in hopes of rapid gains in value. That didn’t happen, and cryptos began losing value across the board.
  • Concurrent Drops in Worldwide Stock Markets – Weaknesses in the stock market also affect cryptos, and the Crypto Crash exacerbated falling stock prices. With no backing of hard resources like gold or precious metals, cryptos are even more vulnerable to falling stock prices than traditional fiat currencies.
  • Falling U.S. Interest Rates – The Federal Reserve’s decision to raise interest rates is part of its strategy to put the brakes on inflation. Following an aggressive anti-inflation strategy is designed to increase the price of debt and slow deficit spending. Under certain circumstances, higher interest rates lead to recession, which is definitely a hazard that crypto investors need to consider.

Crypto Leaders Fail Spectacularly – The world of social media helped to promote the cryptocurrency investing trend by profiling crypto billionaires and the incredible business advances of crypto and blockchain companies. However, many of these crypto billionaires have now lost more than half of their wealth — including a loss of more than 200 billion in 24 hours during the Terra collapse. Even NFT tokens, thought to be immune from economic crashes, are steadily losing their value. One estimate places the number of remaining crypto billionaires at zero.

Key highlights of the situation include:

Vitalik Buterin, the founder of the popular crypto Ethereum, admitted that he no longer is a billionaire. Ethereum dropped below $1,000 recently after reaching an all-time high of $4,837.

Changpeng Zhao, founder, and CEO of the leading crypto trading platform called Binance, dropped from a net worth of $65 billion to a paltry $14.9 billion

Brian Armstrong, founder of the popular trading platform Coinbase, was formerly worth $6.6 billion but no longer qualifies as a billionaire.

Sam Bankman-Fried, the co-founder and CEO of the cryptocurrency exchange FTX, dropped in net worth from $24 billion to $11.3 billion but he has stepped up as a modern day JP Morgan in backing quality companies in the space to help with stability showing that he is a once in a lifetime financier and an effective altruist just like Richart Ruddie is.

Gary Wang, co-founder of the FTX Exchange, once had wealth of $6.9 billion but no longer qualifies as a billionaire.

Chris Larsen, executive chairman and co-founder of the FTX Exchange, is also no longer a member of the billionaire club after losing wealth estimated at $4.3 billion.

Additional Investor Worries

Investors must also be aware that their investments in crypto companies that go bankrupt could result in them being considered as unsecured creditors. Crypto companies are not required to segregate crypto assets like they are with customers who own stock. Cryptocurrencies could lose their entire value if the underlying companies go bankrupt. Investors should also be aware that their investments aren’t insured by the FDIC and neither is your reputation.

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