The crypto markets rounded the week off with a half-percent bump to US$986bn on Friday morning, yet still 4.3% down over the seven day period.
Bitcoin slumped 6.2% to a clean US$20,000 over the week, while Ethereum fared slightly better with a 4.7% drop to head below US$1,600.
Numerous factors contributed to the slump, including a poorly performing equities market and ongoing rate hike worries in the US.
Almost all large-cap network tokens ended the week in negative territory, with Solana’s US$11bn SOL token faring particularly poorly by shedding 9.4%.
Cardano dropped 2.5% while Polkadot and Tron fell by about 3%.
Binanace’s BNB token – the fifth largest cryptocurrency at a market cap of US$45bn – shed 6.2%.
The shock whistleblowing leaks coming out of Ava Labs seem to have had a significant impact on the company’s US$5.7bn Avalanche network, which fell by over 15% in the past seven days.
It was a bearish week for the memecoins, with Dogecoin (DOGE) and Shiba Inu (SHIB) losing roughly 9% a piece.
Around 4% in total value locked exited the decentralised finance (Defi) sector this week, with MakerDAO, Uniswap and Aave being among the heaviest hit.
Kyle Roche, lawyer at the centre of the Ava Labs whistleblowing claims, has withdrawn from class-action lawsuits against Tether and parent company iFinex.
According to court documents, Kyle Roche is no longer involved in Roche Freedman’s class-action practice.
The move comes after Kyle Roche was filmed on camera boasting about using litigation as a weapon against competitors of his client Ava Labs.
Judge Martin Glenn in the Celsius bankruptcy case has given permission to repay a small set of creditors of the lender.
But the US$50mln due to be repaid is merely a fraction of the US$4bn still trapped on the platform.
The news fell of deaf ears to the Official Committee of Unsecured Creditors still fighting for full access to their funds.