In the wake of an eventful 2022 for the crypto space, many investors are now wondering what the future holds. Early this year, the crash course the Terra ecosystem went on sent the space into a downward spiral, sinking millions in investor funds in mere days. Most recently, one of the biggest centralized exchanges, FTX, filed for bankruptcy, also dragging down millions in customer assets. Such disastrous events have led a lot of crypto investors to start seeking protection and security, in the form of regulation. The crypto space is notoriously unregulated, but investors are suffering the consequences with losses of unprecedented magnitude. This is why the DeFi space will cease to exist in its current form, as more and more people and governments turn to regulatory frameworks as a saving grace. Since its rise to popularity more than ten years ago, the cryptocurrency sector has been plagued with security concerns. While the blockchain is a decisive step forward in terms of technological advancement, it also proved to be a breeding ground for new types of exploits and hacks. From the draining of Mount Gox all the way back in 2011, to the latest FTX hack and subsequent bankruptcy, the crypto space has long suffered from malicious exploits. Billions of customer and institutional funds have been drained to date, while regulation is still scarce.
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