15 Crypto Companies We’ve Lost in 2022 [ Crypto Espresso 12.21.22 ]

On the Eighth Day of Christmas crypto Espresso gave to me that's right I'm Your host Andrew and until the new year We'll be counting down all of the Biggest crypto stories of 2022 and Today's countdown well it's not the most Uplifting but I'll try to end it on a Happy note please start playing Angel by Sarah Mclaughlin now from Terra to three Arrows capital from Voyager to vald a Brain meltingly High number of crypto Firms have gone bust in this bear Market The collapse of Luna and UST created a Brutal domino effect as contagion spread Through the industry exacerbated by a Devastating second wave when FTX Imploded in record time but what are the Key lessons that can be learned from This year's bloodbath well let's dig Into the waterlogged heap of decomposing Goo that is 2022 and be sure to put on Some peppermint oil under that old Schnoz of yours it it helps a little bit Number one transparency with users is Crucial Wonderland's treasure treasury Secretary was a convicted fraudster who Had helped launch the doomed crypto Exchange quadriga CX but to the D5 Protocol's users Michael Patron was once Known as Ox sifu while pseudonyms are a Commonplace in the world of crypto it Can have major downsides two algorithmic Stable coins don't seem to work Traditional stable coins are backed by

Dollars held in reserve but in ust's Case complex algorithms aimed to keep This digital asset pegged to one dollar Terra's collapse saw billions of dollars Wiped from crypto markets in a matter of Days and now some Regulators want Algorithmic stable coins banned Altogether three be careful what you Tweet so many crypto CEOs have seen Their past tweets come back to bite them In the uh but Sam bankman freed told his Followers assets were fine on FTX when They weren't other Executives just Posted in bad taste with dokwan telling One Economist I don't debate the poor on Twitter 4. too much risk is a bad thing From excessive leverage to lending funds Without collateral the term risk Management wasn't in the vocabulary of Many busted crypto firms the likes of Three arrows capital and Alameda Research made big bets and they just did Not pay off and now it's their creditors Who are left holding the bag five crypto Firms are way too interconnected the Bankruptcy of three arrows Capital Directly led to the demise of Voyager And ftx's implosion dragged down block Fi too so many crypto businesses held Funds on the world's second largest Exchange Capital that they might never Get back six sky-high interest rates Were just too good to be true Double-digit yields for investors whose

Staked altcoins were common before the Crypto lending sector collapsed of Course one firm that went and bust Freeway was offering returns up to 43 Percent and as the old saying goes if You don't understand the yield then you Are the yield seven holding crypto on an Exchange can be risky it if withdrawals Are suddenly Frozen users end up having Little control over what happens to Their savings as 2022 progressed we've Seen growing interest in self-custody With more and more investors learning About how to store their crypto in cold Wallets which was kind of the point of Crypto in the first place eight it's a Tough time to be a Bitcoin miner large Swaths of the industry have been hit by A double hoami of plummeting Bitcoin Prices and Rising energy costs and some Have had no choice but to sell off their Bitcoin reserves piling further selling Pressure onto an already vulnerable Market but hey at least the GPU Market Is cooling down nine skepticism is Crucial Sam bankman freed had won over Politicians regulators and consumers as He built his FTX empire into the world's Second largest exchange but now it's Being alleged that funds were misused From the start as an investor it is Crucial to take everything and everyone In the crypto sector with a huge pin Inch of salt and finally number 10

Here's that hopeful positive spin all This Carnage could make the crypto Industry stronger it has been an Absolute bloodbath in 2022 and as a Result we've seen a large number of Bad Actors exiting the sector but now Regulation is becoming a bigger priority All of this could help to protect Customers and the businesses that manage To weather this bear Market could Achieve Newfound credibility and Trust In the years to come and that does it For today's countdown see it wasn't that Heartbreaking what would be Heartbreaking though is if you didn't Like this video subscribe to our YouTube Channel or click on that little bell Icon to get buzzed whenever a new crypto Espresso video goes live again though I've been your host Andrew and we'll be Exploring more of 2022's biggest crypto Stories tomorrow have a good one