Crypto's liquidity troubles are spreading across platforms

A broad-based selloff in digital assets and the collapse of high-profile tokens TerraUSD and Luna have caused ripple effects across the crypto industry.

A wave of liquidations triggered fear of contagion risks. Major lenders Celsius Network and Babel Finance have frozen withdrawals, and Three Arrows Capital, a major crypto hedge fund, is facing liquidity troubles that rattled investors. 

Total market value of cryptocurrencies, which topped US$3 trillion in November, has dropped to US$991 billion, according to data from CoinGecko. 

Below are the latest developments from the crypto fallout.