There are only hours left before another year comes and 2022 disappears. There is no better opportunity than now to take a look at all the notable moments of the cryptocurrency market over the past year.
Top 10 events of the cryptocurrency market
10. ‘The Crocodile of Wall Street’ arrested (February)
In February, the U.S. Department of Justice announced its largest-ever financial asset seizure after arresting two people conspiring to launder $5.1 billion worth of Bitcoin stolen during the Bitfinex cryptocurrency exchange hack in 2016. Ilya Lichtenstein and his wife, Heather Morgan, were arrested by federal agents in New York. Using the alias ‘Razzlekhan’ on social media, Morgan introduced himself as an avid rapper before his arrest. She also referred to herself as ‘Wall Street’s infamous crocodile’.
9. Joe Biden’s decree brings more clarity (March)
In March, US President Joe Biden issued an executive order regarding the government’s oversight of the cryptocurrency market. He mentioned that this move aims to protect the country’s financial system from threats such as illegal financing, while also increasing fairness, efficiency and inclusion. This move has often been lauded as a welcome step forward within the cryptocurrency community.
8. Shiba Inu enters the metaverse (April)
The Shiba Inu team unveiled a virtual world they call SHIB: The Metaverse in April. It promises to give landowners the opportunity to earn passive income and earn various rewards. Over the year, the meme coin has also secured several metaverse-related partnerships.
7. EU comes close to banning Bitcoin (March)
A proposed ban, if passed, would have effectively banned new Bitcoin mining through proof-of-work (PoW) consensus in the EU. However, after further deliberation, European regulators decided to remove it as part of the revision of MiCA legislation.
6. Ronin Network hack (March)
Ronin Network, affiliated with the popular blockchain game Axie Infinity, was hacked in March. Hackers stole $615 million worth of Ethereum and USDC tokens. Later, US authorities determined that the notorious Lazarus Group, linked to the North Korean government, was responsible for the record heist.
5. Ethereum’s Merge upgrade and Cardano’s Vasil Hard Fork go live (September)
The major upgrade, called the Merge, was completed in September with much fanfare. The final result of this upgrade has shifted the popular Blockchain from a PoW system to a PoS system. Thus, it eliminated the energy-consuming mining process previously associated with Ethereum. In the same month, Cardano launched the Vasil upgrade after encountering delays and technical hurdles. This upgrade comes a year after the Alonzo Hard Fork.
4. Bitcoin hits two-year low (November)
On November 21, Bitcoin extended its annual decline to $15,479, a year low. Leading crypto is down more than 77% from its recent peak, with the Fed’s hawkish policy and a series of bankruptcies contributing to the sell-off.
3. Celsius goes underwater (July)
Celsius Network has declared bankruptcy and is the latest victim of a major liquidity crisis. With this bankruptcy, the cryptocurrency lending industry has been hit hard. This comes after Celsius unexpectedly suspended withdrawals for its customers, causing a sell-off in the market.
2. Terra explodes, Do Kwon escapes (May)
The cryptocurrency market has seen massive losses in value after the collapse of Luna and its sister stablecoin TerraUSD. TerraUSD has undermined belief in the central stablecoin. In the midst of all this, Interpol has issued a Red Notice for Terraform Labs founder Do Kwon. This development brought with it even more controversy. Kwon’s location has not been known since. But there are rumors that he is hiding in Serbia.
1. FTX goes bankrupt, SBF goes behind bars (November)
Cryptocurrency exchange FTX has lost nearly $32 billion in value in just a few days. cryptocoin.comHe then formally filed for Chapter 11 bankruptcy protection, as you followed. US authorities also accused Sam Bankman-Fried of defrauding investors. SBF was arrested in the Bahamas and subsequently extradited to the United States. However, he was released on $250 million bail. Comparable to that of Enron’s Jeffrey Skilling and Theranos’ Elizabeth Holmes, the crazy-haired crypto king’s stunning fall is undoubtedly the biggest crypto story of the year. The FTX saga is already getting the Hollywood treatment as streaming giants compete to secure the rights.
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