Notable Crypto Events of 2022

With 2021 almost over, it’s time to take a look back at all the major crypto developments in the past year.

10. “The Wall Street Crocodile” Is Arrested (February)

In February, the US Department of Justice carried out the largest-ever asset seizure, arresting two people who conspired to launder $5.1 million in Bitcoin. Ilya Lichtenstein and his wife Heather Morgan were taken into custody in New York City. Morgan was known by the online pseudonym “razzlekhan” and was a Forbes contributor before her arrest, promoting herself as a rapper and businesswoman. She referred to herself as the “infamous Wall Street crocodile.”

9. Joe Biden’s Clarity is Brought to the Executive Order (March)

In March, US President Joe Biden issued a presidential order regarding governmental oversight of cryptocurrencies. This was intended to protect the country’s financial system against threats like illicit financing, and increase equity efficiency and inclusion. The EO initiative was largely praised as a positive step in the world of cryptocurrency.

8. Shiba Inu Enters the Metaverse (April)

The Shiba Inu team created the SHIB Metaverse in April. This virtual world promises landowners the opportunity to generate passive income, as well as other benefits. Throughout the year, various associations for the metaverse were created by the meme coin.

7. The EU Close to Banning Bitcoin (March)

A proposed ban, if adopted, would effectively prohibit the mining and use of new Bitcoin through proof-of-work (PoW) consensus in the EU. However, after further review, European regulators removed it as part of the MiCA legislation.

6. North Korean Hackers Drain the Ronin Network (March)

The popular Blockchain gaming title Axie Infinity suffered a theft of USDC tokens worth $615 million on the Ronin Network in March. The famous Lazarus Group, a North Korean-backed hacking organization, was later found to be responsible for the unprecedented heist by US authorities.

5. Ethereum Merge Upgrade Cardano Vasil Go Live With Hard Fork (September)

The main upgrade, dubbed Merge, was completed in September with much fanfare. The upgrade transformed the popular blockchain system from a proof of work system to a proof-of-stake, eliminating the need for energy-consuming mining that was previously associated with it. In the same month, Cardano was released Vasil Update after technical difficulties and delays. A year later, the inauguration of the Alonzo hard fork took place.

4. Bitcoin Fall to a New 2-Year Low (November)

On November 21, Bitcoin’s slide that began last year continued, dropping to a new low of $15,479. With aggressive policies from the government, cryptocurrency had fallen more than 77% since its peak. A series of bankruptcies from the Federal Reserve contributed to the liquidation.

3. Celsius Dips (July)

The collapse of the cryptocurrency lending sector caused a major shakeup at its core. Celsius Network filed for bankruptcy after becoming the latest victim to a massive liquidity crunch. This came after Celsius unexpectedly suspended withdrawals of clients.

2. Terra Implodes, Do Kwon Flees (May)

After huge losses, the cryptocurrency market saw massive drops in value. Luna and its sister stablecoin TerraUSD both lost their pegs, casting doubt on the faith in the central stablecoin. Amidst all this, there was further controversy when Interpol issued a red notice for Do Kwon, the founder of Terraform Labs. His exact location is unknown, but it is believed he is hiding in Serbia.

1. FTX Files for Bankruptcy, SBF Ends Up Behind Bars (November)

Cryptocurrency exchange FTX filed an official Chapter 11 bankruptcy protection application after losing nearly $32 billion in value within days. US authorities also charged Sam Bankman-Fried, accusing him of defrauding investors. He was arrested in the Bahamas, extradited to the US, and released on a $250 million bail. The stunning downfall of the wild-haired crypto tycoon, comparable to that of Enron’s Jeffrey Skilling and Theranos’ Elizabeth Holmes, was undoubtedly the biggest crypto news story of the year. The FTX saga has already begun to draw the attention of Hollywood, with streaming giants fighting for the rights.