The 2022-2023 period saw several bad actors wiped from the cryptocurrency industry, none bigger than FTX's Sam Bankman-Fried.
The cryptocurrency market took a beating in 2022, falling more than 70% over a time when the industry made headlines around the world for all the wrong reasons — from FTX’s bankruptcy and Sam Bankman-Fried being thrown in prison to the $50 billion collapse of the Terra Luna ecosystem.
The United States saw inflation hit a 40-year high as the country’s national debt figure continued to rise.
However, it wasn’t all doom and gloom — Ethereum made a major transition to proof-of-stake, while Bitcoin’s hashrate increased threefold. The market also rebounded strongly in 2023.
