{"id":1386,"date":"2023-01-16T19:25:57","date_gmt":"2023-01-16T13:55:57","guid":{"rendered":"http:\/\/63c547721e466d4570c78e15"},"modified":"2023-07-19T13:21:30","modified_gmt":"2023-07-19T07:51:30","slug":"trusting-the-trustless-2022-crypto-shutdown-hacks","status":"publish","type":"post","link":"https:\/\/qistaging.com\/whitesight\/trusting-the-trustless-2022-crypto-shutdown-hacks\/","title":{"rendered":"Trusting The Trustless: 2022 Crypto Shutdown &#038; Hacks"},"content":{"rendered":"2021 was a year where the sun shined brightly upon crypto investors. By November 2021, Bitcoin had reached an all-time high of $69,000, breezing through with a market cap of $3T. Few could have imagined what was in store for Crypto and DeFi in 2022.It was not long before things turned from bolt to blue, with the crypto market plummeting below , $2T in January 2022 following interest rate revisions by the Federal Reserve. It was only an unfortunate downward spiral thereupon. Currently, the crypto ecosystem is tied up by a string of hacks and swindlers \u2013 causing investors to second-guess its \u201ctrustless\u201d foundation.Market experts call this period of market-freezing conditions \u3161 \u201ccrypto winter\u201d, and in this post, we\u2019ll explore what caused the polar vortex in the crypto ecosystem.How Did The Crypto Winter Set In? Cryptocurrency prices are prone to wild volatility. It has always been a market that\u2019s hot today, cool tomorrow. The year\u2019s crypto ecosystem collapse has largely been caused by the failure of crypto \u201cbanks\u201d, crypto exchanges, and crypto hedge funds.Exhibit 1 shows how crypto companies ultimately went from high-flyers to skydivers in 2022.The world of crypto went into a tailspin when TerraUSD and its sister coin [&hellip;] \t\t<div class=\"woocommerce\">\n\t\t\t<div class=\"woocommerce-info wc-memberships-restriction-message wc-memberships-message wc-memberships-content-restricted-message\">\n\t\t\t\tThis post is only available to members.\t\t    <\/div>\n\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p><span class=\"rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\"><\/span> <span class=\"rt-time\">3<\/span> <span class=\"rt-label rt-postfix\">mins read<\/span><\/span> 2021 was a year where the sun shined brightly upon crypto investors. By November 2021, Bitcoin had reached an all-time high of $69,000, breezing through with a market cap of $3T. Few could have imagined what was in store for Crypto and DeFi in 2022.It was not long before things turned from bolt to blue, with the crypto market plummeting below , $2T in January 2022 following interest rate revisions by the Federal Reserve. It was only an unfortunate downward spiral thereupon. Currently, the crypto ecosystem is tied up by a string of hacks and swindlers \u2013 causing investors to second-guess its \u201ctrustless\u201d foundation.Market experts call this period of market-freezing conditions \u3161 \u201ccrypto winter\u201d, and in this post, we\u2019ll explore what caused the polar vortex in the crypto ecosystem.How Did The Crypto Winter Set In? Cryptocurrency prices are prone to wild volatility. It has always been a market that\u2019s hot today, cool tomorrow. The year\u2019s crypto ecosystem collapse has largely been caused by the failure of crypto \u201cbanks\u201d, crypto exchanges, and crypto hedge funds.Exhibit 1 shows how crypto companies ultimately went from high-flyers to skydivers in 2022.The world of crypto went into a tailspin when TerraUSD and its sister coin [&hellip;] \t\t<\/p>\n<div class=\"woocommerce\">\n<div class=\"woocommerce-info wc-memberships-restriction-message wc-memberships-message wc-memberships-content-restricted-message\">\n\t\t\t\tThis post is only available to members.\t\t    <\/div>\n<\/p><\/div>\n","protected":false},"author":8,"featured_media":4553,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[101,88],"tags":[113,109,116],"hashtags":[],"class_list":["post-1386","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-digital-assets","category-insights","tag-global","tag-risk-management","tag-roundup","membership-content","access-restricted"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.9.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Trusting The Trustless: 2022 Crypto Shutdown &amp; Hacks - WhiteSight<\/title>\n<meta name=\"description\" content=\"2021 was a year where the sun shined brightly upon crypto investors. By November 2021, Bitcoin had reached an all-time high of $69,000, breezing through with a market cap of $3T. Few could have imagined what was in store for Crypto and DeFi in 2022.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/qistaging.com\/whitesight\/trusting-the-trustless-2022-crypto-shutdown-hacks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Trusting The Trustless: 2022 Crypto Shutdown &amp; Hacks - WhiteSight\" \/>\n<meta property=\"og:description\" content=\"2021 was a year where the sun shined brightly upon crypto investors. By November 2021, Bitcoin had reached an all-time high of $69,000, breezing through with a market cap of $3T. Few could have imagined what was in store for Crypto and DeFi in 2022.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/qistaging.com\/whitesight\/trusting-the-trustless-2022-crypto-shutdown-hacks\/\" \/>\n<meta property=\"og:site_name\" content=\"WhiteSight\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-16T13:55:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-19T07:51:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/qistaging.com\/whitesight\/wp-content\/uploads\/2023\/01\/Trusting-The-Trustless-2022-Crypto-Shutdown-Hacks-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"700\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Sanjeev Kumar&nbsp;and&nbsp;Anjali Singh\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@WhiteSight_\" \/>\n<meta name=\"twitter:site\" content=\"@WhiteSight_\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Sanjeev Kumar&nbsp;and&nbsp;Anjali Singh\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/qistaging.com\/whitesight\/trusting-the-trustless-2022-crypto-shutdown-hacks\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/qistaging.com\/whitesight\/trusting-the-trustless-2022-crypto-shutdown-hacks\/\"},\"author\":{\"name\":\"Sanjeev Kumar&nbsp;and&nbsp;Anjali Singh\",\"@id\":\"https:\/\/qistaging.com\/whitesight\/#\/schema\/person\/b60d017fd16c9a8f3949fb111e7a9054\"},\"headline\":\"Trusting The Trustless: 2022 Crypto Shutdown &#038; Hacks\",\"datePublished\":\"2023-01-16T13:55:57+00:00\",\"dateModified\":\"2023-07-19T07:51:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/qistaging.com\/whitesight\/trusting-the-trustless-2022-crypto-shutdown-hacks\/\"},\"wordCount\":763,\"publisher\":{\"@id\":\"https:\/\/qistaging.com\/whitesight\/#organization\"},\"keywords\":[\"Global\",\"Risk Management\",\"Roundup\"],\"articleSection\":[\"Digital Assets\",\"Insights\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/qistaging.com\/whitesight\/trusting-the-trustless-2022-crypto-shutdown-hacks\/\",\"url\":\"https:\/\/qistaging.com\/whitesight\/trusting-the-trustless-2022-crypto-shutdown-hacks\/\",\"name\":\"Trusting The Trustless: 2022 Crypto Shutdown & Hacks - WhiteSight\",\"isPartOf\":{\"@id\":\"https:\/\/qistaging.com\/whitesight\/#website\"},\"datePublished\":\"2023-01-16T13:55:57+00:00\",\"dateModified\":\"2023-07-19T07:51:30+00:00\",\"description\":\"2021 was a year where the sun shined brightly upon crypto investors. 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