Worst crypto moments in 2022?

 The crypto sector has been a roller coaster of a year, but there have surely been some amazing bites. The most significant events for the cryptocurrency business occurred in 2022.

Looking back over the last 365 days, the crypto calendar has seen price crashes, bankruptcies, layoffs, an increase in attacks, and a decline in investment. Some analysts claim that 2022 has been a catastrophic year for the crypto sector, Many claim that 2022 will go down in bitcoin history as the worst year for all of these reasons.

In this article we will discuss the most of crypto scams and crashes that happened during this year and briefly explained:

1-The hack of Ronin and wormhole cross-chain:

Bridges between chains are unsafe! We have repeatedly learned this lesson as a result of the theft of billions in bridge hacking.  Wormhole, a cross-chain messaging system, and the bridge for Ronin, an L1 that runs the P2P game Axie Infinity, were two of the worst victims in 2022, Over $1B was taken from these two protocols, with the Ronin hack being especially heinous because it resulted from bad private key management and sparked the OFAC fines on Tornado Cash.

2-The fall of 3 Arrows Capital:

The demise of Three Arrows Capital, once a titan of business, had a disastrous effect on the area. The hedge fund employed unproductive tactics including the GBTC discount trade by taking out a number of undercollateralized loans to purchase assets. As their holdings were liquidated, the 3AC catastrophe caused a large sell-off that erased more than $1 trillion in market capitalization for cryptocurrencies and left behind CeFi institutions like Celsisus, BlockFi, and Voyager.

3-Celsius collapse:

The collapse of the Terra's UST stablecoin Terra in May set off a chain reaction that destroyed the whole cryptocurrency market.
Following the subsequent crypto meltdown, one crypto loan company after another suffered severe losses.
One of the biggest cryptocurrency lenders, Celsius, ultimately filed for bankruptcy in July.
But in June, Celsius customers started to complain that they couldn't get their money out.
In an effort to allay concerns, former Celsius CEO Alex Mashinsky insisted that withdrawals were not being stopped.
 But a few days later, Celsius unexpectedly closed down all user accounts. However, the Financial Times and Coindesk have also stated that Mashinsky withdrew $10 million weeks before the business frozen user accounts and then filed for bankruptcy.

4-Luna and UST collapse:

One of the worst capital destruction incidents in crypto history, Terra's collapse saw LUNA and UST lose more than $60B in total value as a result of a hyperinflationary death spiral. In retrospect, the algorithmic stablecoin's implosion is even more horrible because it sparked the credit crisis and its subsequent ripple effects, which wrecked havoc across CeFi.

5-Ftx collapse:

As CEO Sam Bankman-Fried used client deposits as his own personal slush money to buy real estate, invest in entrepreneurial companies, make political donations, and issue loans to his hedge fund, Alameda Research, the FTX collapse exposed a vast fraud. In the upcoming months and years, FTX will be a blot on the sector.
 The fact that this event has once again highlighted the value of decentralization and self-custody is the situation's one bright spot. 

 Well, 2022 was a difficult year for investors, platforms, and assets, and the cryptocurrency industry experienced numerous tragedies. Despite the market's massive losses throughout the year, 2023 may not be as bad as it seems. Although nobody can be certain, we could witness a market recovery gain momentum.

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