There have been a few scandalous incidents in cryptocurrency that have slowly started to erode people's faith in cryptocurrency.

Luna Crashed
The biggest cryptocurrency hit was Terra Platform's Luna, Luna crashed 99% from May 11 - May 12 and dropped 0.02 from $120.  Luna's price continued to decline until it finally dropped to $0.00000112.  Those who had invested in the Luna platform and made long-term stakings were left completely bereft.

3Arrows Capital (3AC(
June15(Chapter 15) A Singapore based crypto hedge fund three arrow capital 3AC bankruptcy $10 billion Crypto funds due to the bear market and Luna Crashed.
After Luna Crush it once again created a negative image in the public mind.  As a result, people's confidence in cryptocurrency is decreasing day by day.

FTX hacked and bankruptcy

The recent FTX hacked bankruptcy heralds a scandalous chapter in cryptocurrency.  The FTX hack, one of the leading centralized exchanges in cryptocurrencies, and scamming users to the tune of $600 million has once again lost people's trust in centralized exchanges.  Now people no longer want to keep cryptocurrencies on centralized exchanges.  So people are constantly withdrawing cryptocurrencies due to fear and loss of confidence.



Possible next target Coinbase, binance, blockfi and Kucoin
Due to low trust of people in centralized exchanges and FTX's liquidity crisis and hacked people are vulnerable.  Moreover, many thought that FTX might be followed by Coinbase's hack and bankruptcy.  So 50k bitcoins were withdrawn from Coinbase on 24th November and 50k were withdrawn on 25th November.  That is 48 hours 100k bitcoins are withdrawn.