The cryptocurrency ecosystem underwent a turbulent year in 2022. Criticism inside and outside of the crypto industry was fueled following the collapse of FTX, Celsius, Three Arrows Capital and the ecosystem.
A number of losses have been recorded from these events. Blockchain analytics firm Chainalysis released a report in December of last year, which noted that the depegging of Terra’s stablecoin, Terra USD Classic (USTC), saw weekly-realized losses peak at $20.5 billion. Findings further show that the subsequent collapse of Three Arrows Capital and Celsius in June 2022 saw weekly-realized losses reach $33 billion.
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