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Home » The Biggest Crypto Stories of 2022: Collapses, Controversies, and Landmark Changes
Crypto

The Biggest Crypto Stories of 2022: Collapses, Controversies, and Landmark Changes

Karly MarieBy Karly MarieDecember 31, 2022Updated:March 13, 20254 Mins Read
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At the start of 2022, the global cryptocurrency market boasted a staggering $2.4 trillion valuation. But by year’s end, it had plummeted by 64%, sinking to just $845 billion. The year saw unprecedented collapses, regulatory crackdowns, and transformative shifts that reshaped the crypto landscape. Here’s a look at the most defining moments of 2022.

Bitcoin’s Major Adoption Milestone with CashApp

Jack Dorsey reinforced his commitment to Bitcoin by integrating the Lightning Network into CashApp, allowing seamless and nearly free BTC transactions. With over 50 million monthly active users, this move marked one of the biggest mainstream adoption events in Bitcoin’s history. To celebrate, NBA star Klay Thompson even gave away $1 million in Bitcoin.

Terra’s Historic Implosion: $60 Billion Wiped Out

In May, the algorithmic stablecoin TerraUSD (UST) lost its peg to the US dollar, triggering an industry-wide crisis. Founder Do Kwon initially attempted to stabilize the situation with reserve fund buybacks, but investor panic led to an unstoppable downward spiral. The Terra ecosystem collapsed, setting off a domino effect that contributed to several major bankruptcies later in the year.

The Ethereum Merge: A Landmark Transition

Ethereum completed its long-awaited Merge on September 15, shifting from proof-of-work (PoW) to proof-of-stake (PoS). The upgrade reportedly slashed Ethereum’s energy consumption by 99.95%. However, SEC Chair Gary Gensler hinted that PoS-based cryptocurrencies might now fall under securities laws, sparking fresh regulatory concerns.

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The Collapse of Three Arrows Capital (3AC)

Once a major hedge fund, Three Arrows Capital filed for Chapter 15 bankruptcy in July, owing creditors a staggering $3.5 billion. Founders Kyle Davies and Su Zhu went silent, facing accusations of evading creditors and regulators. 3AC’s exposure to Terra’s collapse proved catastrophic, leading to a chain reaction of financial turmoil across the industry.

FTX’s Shocking Bankruptcy and Sam Bankman-Fried’s Fall

In November, FTX—once the world’s second-largest crypto exchange—filed for bankruptcy, revealing a $3.1 billion hole in its balance sheet. Founder Sam Bankman-Fried resigned and was later arrested on fraud charges. His failed attempt to position himself as crypto’s JP Morgan crumbled as reports of misused customer funds surfaced.

Crypto Lending Giants Voyager, Celsius, and BlockFi Collapse

The crypto winter took down several major lenders:

  • Voyager Digital filed for bankruptcy in July, leaving 3.5 million customers stranded.
  • Celsius Network, exposed to Terra’s failed Anchor Protocol, collapsed under $5.5 billion in liabilities.
  • BlockFi, after a failed acquisition deal with FTX, filed for Chapter 11 in November.

Regulatory Storm: SEC, Justice Department Crack Down

As the industry unraveled, regulators stepped in. The SEC and Justice Department pursued investigations into FTX, leading to Bankman-Fried’s arrest. Former SEC Director William Hinman also faced scrutiny over his ties to an Ethereum-affiliated law firm while advocating that ETH was not a security. Meanwhile, Genesis Trading halted withdrawals, putting even more pressure on the industry.

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NFT and Metaverse Markets Collapse

After the NFT boom of 2021, trading volumes crashed by 99% in 2022. Major metaverse projects like The Sandbox saw their virtual real estate values plummet. Even once-prized NFT collections lost millions in value, highlighting the volatility of digital collectibles.

Do Kwon on the Run: From Terra’s Collapse to Global Fugitive

South Korean authorities issued an arrest warrant for Do Kwon after Terra’s crash, revoking his passport and involving Interpol. Kwon allegedly fled from Singapore to Dubai and was later believed to be in Serbia, taunting authorities online.

The Crypto Industry’s Uncertain Future

With billions wiped out and investor confidence shaken, 2022 was a defining year for cryptocurrency. Regulatory scrutiny is set to increase, and market players will need to rebuild trust. As 2023 unfolds, all eyes will be on how the industry recovers from one of its darkest chapters.

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Karly Marie
Karly Marie

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