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The cryptocurrency ecosystem underwent a turbulent year in 2022. Criticism internal and outside of doors of the crypto industry modified into as soon as fueled following the crumple of FTX, Celsius, Three Arrows Capital and the Terra ecosystem.

A series of losses had been recorded from these occasions. Blockchain analytics firm Chainalysis released a listing in December of final year, which effectively-known that the depegging of Terra’s stablecoin, Terra USD Classic (USTC), saw weekly-realized losses peak at $20.5 billion. Findings further expose that the following crumple of Three Arrows Capital and Celsius in June 2022 saw weekly-realized losses reach $33 billion.

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