Topic: 2022 has been one of the most significant eventful years of crypto history. - page 2. (Read 234 times)
November 13, 2022, 04:03:41 PM
I could definitely see a few more coming. But you gotta go back and see a few more years back in the day, I remember clearly there were a lot of years where the amount of bitcoins that were shifting hands or being stolen would be insane to consider right now. Just the fact that mt.gox already got hacked is a big proof of that, if we are talking about "crypto" size, that was the biggest and will never be anything like that again, sure the dollar price was lower back in those days so it wasn't a big news, but calculate how much was wrong with today's money and you would be going insane when you see the price.
November 13, 2022, 03:43:38 PM
2022 has been one of the most significant eventful years of crypto history. Enormous exploits, hacks, and scam events occurred that this year will be remembered as one of the badass years for the crypto industry after Mr.Gox.
Here are some major incidents that will happen in the crypto industry in 2022.
Source: https://twitter.com/StackerSatoshi/status/1591774088011579392?s=20&t=fhJ0z8GioDmPDJ1hx-Uisw
2022 isn't ended. We could see more exchange involved. Crypto.com and Gate.io are doing internal transactions to show their proof of reserve. Many users withdraw their funds in a rush from those exchanges.
Here are some major incidents that will happen in the crypto industry in 2022.
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LUNA & UST crash:
Ronin bridge hack:
CELSIUS:
3AC:
SIFU:
WORMHOLE:
BNB:
FTX/ALAMEDA:
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LUNA & UST was the most extensive algorithmic stablecoin protocol till May 9 2022, before its collapse. A group of whales put enormous sell pressure to depeg LUNA protocols stablecoin UST, creating panic throughout the crypto space and initiating further UST price crashes. LUNA shows potential growth to 119$ before its value becomes worth the penny. UST's total market free fall from $20B to below $250M, and investor's loss from both coins was around $60B. Terra blockchain still exists, and its old token was rebranded as LUNC.
Ronin bridge hack:
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In March 2022, $625M worth of 173,000 ETH and 25.5M USDC was sucked from the Axie ecosystem, one of the top games projects until that point. Lazarus Group led this massive attack by using Ronin Network's cross-chain bridge. This is considered one of the largest Defi exploit in crypto history.
CELSIUS:
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Celsius filed for bankruptcy in July 2022 after it lost user money because of its unsustainable business model. Celsius offered their customer up to 18% interest for their crypto deposit which they leveraged in many start-ups and risky projects and took losses. Till now, Celsius owed their users $4.7B worth of crypto.
3AC:
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The infamous 3 arrows capital firm headed by Zhu Su and Kyle Davies failed soon after Luna did, leaving creditors with $3.5 billion of debt as they went on the run. Strangely, both individuals have returned to Twitter in the past week amidst all the FTX chaos.
SIFU:
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Sifu was largely to blame for the collapse of Wonderland, the most popular Olympus fork. The coin crashed from a market cap of $2 billion down to a few hundred million and has since bled out to a mere $10 million.
WORMHOLE:
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Bridges were one of the most popular targets of hackers and exploiters this year, and Wormhole’s vulnerability resulted in a loss of $326 million. This situation was unique, however, in that, a full bailout was provided by Jump crypto.
BNB:
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The most recent and second largest bridge hack was the official BNB bridge hack of $586 million. This resulted in a chaotic mess across multiple chains as the attacker tried to escape before funds were frozen.
FTX/ALAMEDA:
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I don’t think I need to remind you all about this, but this list would not be complete without these two. This collapse has likely been the most publicized and damaging crypto has seen. In the coming weeks, we will almost certainly continue to discover that more crypto platforms, funds, or other entities are also insolvent due to the FTX/Alameda situation. The first so far has been BlockFi as they have halted withdrawals.
Source: https://twitter.com/StackerSatoshi/status/1591774088011579392?s=20&t=fhJ0z8GioDmPDJ1hx-Uisw
2022 isn't ended. We could see more exchange involved. Crypto.com and Gate.io are doing internal transactions to show their proof of reserve. Many users withdraw their funds in a rush from those exchanges.
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