The current crisis in the cryptocurrency industry will lead to its cleanup, and groundbreaking projects launched during the bear market will “always succeed.” This view was voiced by billionaire Mark Cuban in an interview with Fortune.

He compared traditional stocks and the cryptocurrency market. The disappearance threatens companies that “have cheap and easy money, but no real business prospects,” according to the entrepreneur.

“As he said [Уоррен] Buffett: “You can only tell who’s swimming naked when the tide is low,” Cuban said.

Terra’s collapse in May shook the market. The prices of the algorithmic stablecoin TerraUSD (UST) and LUNA began to decline amid asset outflows from the Anchor protocol as the deposit rate dropped to 17.87%.

On June 13, crypto lending platform Celsius suspended withdrawals, swaps and transfers between accounts “due to extreme market conditions”. However, analysts suggested the real cause was a “liquidity crisis” as the company was unable to pay customers.

The Celsius incident coincided with the collapse of the entire cryptocurrency market. Bitcoin price dropped below $23,000, Ethereum prices failed to surpass the $1200 level.

Tron’s algorithmic stablecoin USDD and hedge fund Three Arrows Capital also started having problems.

Recall that Cuba predicted the collapse of blockchain projects that replicated what “everyone has” in May.

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