All or a least most of these exchanges were cross collateralized with each other. They were acting like central banks and holding each other up by "loaning" each other different crypto currencies sometimes even their own crypto tokens and claiming those as assets to secure additional loans. One goes down, it leaves a big hole in the books of the others. Big enough hole pulls the second one down and so on. When it's all said and done they'll either all be gone or the one or two that were actually solvent might remain.
WTFisthisshit 3 points 1.5 years ago
All or a least most of these exchanges were cross collateralized with each other. They were acting like central banks and holding each other up by "loaning" each other different crypto currencies sometimes even their own crypto tokens and claiming those as assets to secure additional loans. One goes down, it leaves a big hole in the books of the others. Big enough hole pulls the second one down and so on. When it's all said and done they'll either all be gone or the one or two that were actually solvent might remain.