This decade’s starting two years ended up being the worst in human history. This year, people have high hopes. However, 2022 ended up being just another hopeless year. The crypto sector has experienced the worst human deceit in 2022. Although there have been fluctuations in the Defi market in the past, nothing has come close to this year’s performance. Considering that no one foresaw it happening, getting on the list of cryptocurrency villains has been challenging.
Since the year’s beginning, cryptocurrency prices have fallen to an all-time low. While the market has not been doing well. The betrayal by one of its own, though, has not been simple. The crypto villain’s list includes some well-known names as well as some surprising ones.
Top 5 biggest crypto villains in 2022
This name is on the list comes as no surprise. The character of Sam Bankman-Fried (SBF) has taken an unexpected turn. At FTX and Alameda Research, he was helped in committing the biggest fraud of the century by SBF and his allies. The mainstream media has hardly thrown any softballs at the businessman now known as “Scam Bankrun-Fraud” as investors suffer.
The other people on this list might become irrelevant in a few years, but SBF will live on in the annals of cryptography. However, he won’t just be well-known in the cryptocurrency markets; other financial markets will also recognize him. He ran one of the biggest scams ever, stole money from his customers, sold fake Bitcoin, and gave money to politicians to gain their favor and protection. He turns out to be the biggest crypto villain of 2022.
The founder and previous CEO of Celsius Network is Alex Mashinsky. One of the biggest cryptocurrency lending platforms ever created. In essence, Celsius ran a Ponzi scheme where money from new client deposits went to people who wanted withdrawals. They never made a profit and were always bankrupt. It would have been terrible enough if that had been the end.
Mashinsky regularly exaggerated the truth and denigrated those who questioned Celsius.
Even two days before Celsius froze withdrawals, he gave several YouTube interviews in which he claimed that everything at Celsius was going great. He also strengthened the idea that banks are unreliable and untrustworthy. He was an advocate for the populace. But it turned out to be a scam, and they filed for bankruptcy while freezing the money of their members by the billions.
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Nearly all of the traits of a villain are exhibited by Do Kwon. Unquestionably, Do Kwon is to blame for the severe damage and suffering that will hinder the cryptocurrency ecosystem for years.
Similar to Bankman-Fried, Kwon was a prodigy who virtually overnight became a superstar. He repeatedly demonstrated his inability to handle fame. His remarks and tweets have drawn criticism ever since Terra LUNA crashed. Although there were severe financial losses and, in the worst cases, suicides as a result of Terra’s fall, Kwon has shown little regret. He repeatedly begged to disappear from crypto forever, but he tried to revive Terra, showing that he still craves attention. He is currently being watched by every nation, including South Korea and Interpol.
Su Zhu and Kyle Davies
One of the biggest and most reputable crypto funds was run by Zhu Su and Kyle Davies under the name 3AC. They gained attention during COVID-19, and many people believed they played a role in the resurgence of the cryptocurrency market that year. However, they would also partake in degen trade and dig a hole they could not escape from.
Considering their flawless market reputation. Everyone wanted to work with them and lend them money. Even if it meant extending a loan to them without any form of security. When Luna/UST fell to zero, 3AC filed for bankruptcy. The worst of it, though, was not this. They were connected to a number of other market participants because of their prominence in the industry. This caused a chain reaction that caused several businesses to go bankrupt.
Gary Gensler and SEC
Gary Gensler was the adversary who could have taken crypto to incredible heights and protected us from the majority of the danger this year.
He did neither instead. Gensler seems to be delaying the adoption of a Bitcoin spot ETF in the US for an unknown reason. He has also refrained from proposing any concrete crypto legislation. He had met with SBF several times, it was recently discovered. They were allegedly working together on a rule that would help FTX.
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The post Year Ender: Top 5 Biggest Crypto Villains In 2022 appeared first on CoinGape.