The cryptocurrency industry's woes continued on Thursday. In addition to the tumult of 2022, which was dominated by falling prices and high-profile bankruptcies, there were also falling deposits, layoffs, and a lawsuit.

C This week, the cryptocurrency industry is heavily affected by the fallout from the collapse of the FTX cryptocurrency exchange and the criminal charges brought against its founder Sam Bankman-Fried . Several businesses are affected. These include Genesis Global Capital, which has laid off staff, and Silvergate Bank, which specializes in cryptocurrencies, which has seen a sharp drop in deposits.

Bankman-fried pleaded not guilty to eight charges, including electronic fraud and money laundering conspiracy, on Tuesday, January 3, 2023. Another cryptocurrency entrepreneur, Alex Mashinsky, the founder and former CEO of Celsius Network, also encountered a legal battle on Thursday.