WhiteSight

Trusting The Trustless: 2022 Crypto Shutdown & Hacks

Table of Contents

2021 was a year where the sun shined brightly upon crypto investors. By November 2021, Bitcoin had reached an all-time high of $69,000, breezing through with a market cap of $3T. Few could have imagined what was in store for Crypto and DeFi in 2022.It was not long before things turned from bolt to blue, with the crypto market plummeting below , $2T in January 2022 following interest rate revisions by the Federal Reserve. It was only an unfortunate downward spiral thereupon. Currently, the crypto ecosystem is tied up by a string of hacks and swindlers – causing investors to second-guess its “trustless” foundation.Market experts call this period of market-freezing conditions ㅡ “crypto winter”, and in this post, we’ll explore what caused the polar vortex in the crypto ecosystem.How Did The Crypto Winter Set In? Cryptocurrency prices are prone to wild volatility. It has always been a market that’s hot today, cool tomorrow. The year’s crypto ecosystem collapse has largely been caused by the failure of crypto “banks”, crypto exchanges, and crypto hedge funds.Exhibit 1 shows how crypto companies ultimately went from high-flyers to skydivers in 2022.The world of crypto went into a tailspin when TerraUSD and its sister coin […]

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