2022 was a strenuous year for crypto investors and platforms alike.
But amid market crashes, scandals, and bankruptcies, several good things did happen.
So, let’s get into the best things that happened in the crypto industry in 2022.
The downfall of FTX caused a market-wide crash, with investors losing their confidence in the industry.
On November 10, Tether’s value dropped by 3% from its dollar peg to $0.97.
Relative to other crypto price fluctuations, like that of Bitcoin, this seems pretty insignificant.
But stablecoins are designed to stay incredibly close to their peg value.
By December 1, it was back to $1 in value.
The Merge reduced energy usage by an incredible 99%, making Ethereum more environmentally friendly.
When Ethereum used the proof of work mechanism, miners were required to secure the connection.
But individuals around the world have come to the aid of Ukrainians via donations.
While many platforms made fiat donations possible, the option of crypto-based donations also became available.
So it’s clear that big crypto players were ready to lend a hand.
In addition, donations in the form of Tether (USDT) could also be made.
$3.36 Billion in Crypto Is Seized, and Culprit Confesses
The crypto industryis no stranger to cybercrime.
Scams are rife throughout this market, with criminals looking to swindle unknowing crypto holders out of their funds.
This happened in November 2021 when the US Department of Justice searched the home of James Zhong.
In fact, 2022 saw a 65% fall in crypto-related crimes compared to mid-2021.
As reported byReutersin August 2022, the crypto scam industry was estimated to be worth $1.6 billion.
While this is a sizable figure, it is drastically lower than it was in 2021.
This suggests that cybercriminals are less interested in targeting this industry due to its multiple crashes.
But the drop in the crypto crime industry’s value is also fueled by the falling prices of assets.
If a cybercriminal stole one Bitcoin in November 2021, they’d have close to $70,000.
But currently, one Bitcoin will only fetch you around $16,000 if sold.
Because cybercriminals are acquiring less per scam, the industry’s value is dropping.
This is bad news for malicious actors but great news for the rest of the cryptocurrency realm.
We may indeed see the market recover, though no one can say this for certain.
