Bitcoin is about to go through a bloody year. A number of unexpected events have prevented the Bitcoin market from ever moving upward this year. Dozens of unexpected events have struck fear into the minds of investors. Starting with investors, governments and central banks have taken a cautious stance on Bitcoin. So we are almost at the end of this unexpected year.
Some Bloody Events 2022 & Funds Exploits
- Mango Exploit : $114-115M
- Wintermute Hack: $160M
- Beanstalk Farm Hack: $180M
- Nomad Bridge Hack: $190M
- WormHole Hack: $320M
- Ronin Hack: $600M
- Voyager : $3.75b
- BlockFi: $4.5b
- Celsius: $4.5b
- Genesis Bankrupt: $5b
- 3AC implosions: $18b
- Luna/UST crashed: $40b
- FTX and Alameda Crashed: $40b+
The above shameful scam has completely negative impact on the Bitcoin market in 2022. We all hope that such incidents do not happen in cryptocurrencies in the coming years.
Indeed, crypto market experienced significant downfall, resulting in huge losses for Investors & traders , but it is history now. The lesson we learned in 2022 are as follows:
1- No centralized exchange is 100% secure. Always keep your funds in personnel wallet.
2- Bitcoin can even break it previous low and it is not necessary that it always follows previous patterns.
3- Stable coins based algorithmic concept are not safe. They can fail anytime & cause significant financial losses.
We should forget what happened in 2022 & move on. The performance of Crypto market has improved significantly since beginning of 2023, hopefully this trend will continue in coming weeks and months.