2022 was a year of phenomenal cryptocurrency blowouts, as several projects collapsed and many more are on life support after the entire ecosystem was shattered. The fallout from these digital currency projects has not only removed billions of dollars in value from the crypto economy, but also eroded trust. The following is a look at six high-profile cryptocurrency project implosions that took place during 2022’s crypto winter. History shows that there have been many failures in the cryptocurrency market economy over the years, and a great example is how eight out of the top ten coins on May 5, 2013, have basically been forgotten despite the fact that some still hold value. Coins such as freicoin (FRC), terracoin (TRC), devcoin (DVC), and mincoin (MNC) are all distant memories now. During the 2022 crypto winter, several high-profile crypto projects imploded. Below is a summary of these project failures or cryptocurrency assets that have seen their value slashed and communities decimated. On Jan. 1, 2022, the crypto asset celsius (CEL) was trading for $4.26 per coin, and it was the 93rd largest cryptocurrency in terms of market capitalization at the time. CEL was essentially an exchange token, and the now-bankrupt crypto lender Celsius advertised the ERC20 token as “the backbone of the Celsius Network.” However, on June 13, 2022, the cryptocurrency lender paused all operations and halted withdrawals, and 30 days later, Celsius filed for bankruptcy protection.
Full story : 5 High-Profile Cryptocurrency Implosions Shatter Trust, Wipe out Billions in Value During 2022’s Crypto Winter.
