The year 2022 has been a contagion for the cryptoverse. Sitting at the last month of the year, tens of billions of dollars in cryptocurrency and NFTs have already been pillaged and plundered. While the value of cryptos and NFTs being stolen is stunning, not everything is solely about money.
The value of cryptocurrencies has dwindled since the beginning of this year, which has been marred by a series of high-profile bankruptcies throughout the year. Moreover, as cryptocurrency markets are reeling after the collapse of the FTX exchange, India Today’s Emerging Tech team looks back on this nascent industry throughout the year, which is haunted by crypto winter, unscrupulous activities, and shrunken investors’ sentiments.
Interestingly, it is pointed out that the combined market cap of all cryptos declined from about $3 trillion in November last year, to about $900 billion currently. Here, it must be mentioned that the value of cryptocurrencies deteriorated throughout the year, stemming from a series of bankruptcies after the dramatic crash of Terra’s UST algorithmic stablecoin in May 2022.
Hence, without further hurly-burly, here are some of the boldest crypto and NFT scams, and frauds, which have spooked the entire cryptoverse.
The implosion of Terra’s UST
Terra network and Do Kwon, its leader, grew in stature in the cryptocurrency world over the course of four years, all ending in a disastrous fall from grace. The implosion of…
