The main difficulty was a lack of a suitably decentralized network created by game developer Sky Mavis. The hacker acquired access to the private keys of five of Sky Mavis’ Ronin Chain’s nine validator nodes, enabling them to compromise the network. When the hackers gained control of five nodes, they essentially controlled over half of the network and were free to accept or deny whatever transactions they wanted. They obtained ETH and USDC via falsifying withdrawals.
The crime occurred on March 23, but it was only noticed on March 29, when a user reported being unable to withdraw 5,000 ETH from the Ronin bridge ATM. In the aftermath of the attack, Axie Infinity developers raised $150 million toOn May 7, when over $2 billion in TerraUSD was unstaked , hundreds of millions of United States dollars were quickly liquidated. It’s unclear if this was a deliberate attack on the Terra blockchain or a response to rising interest rates.
When a considerable amount of UST was moved out, the stablecoin depegged. The availability of LUNA increased as more people sold their UST during the panic. Following this fall, cryptocurrency marketplaces started to suspend trading pairs such as LUNA and UST. Following the initial accident in May, Do Kwon disclosed a rehabilitation plan for LUNA, and things seemed to improve. However, the currency’s value eventually fell. It was abandoned almost as soon as it began. Finally, Terra launched a whole new currency known as LUNA 2.0.
Investors lost a combined $60 billion due to the panic selling that accompanied the decline of TerraUSD Classic and Luna Classic , a related token.. This happened four months after Terraform Labs’ LUNA and UST tokens collapsed. Do Kwon and five others were detained for allegedly violating regional market restrictions.When LUNA and Terra collapsed, the crypto hedge fund Three Arrows Capital , which had a peak market valuation of more than $560 million, suffered significantly.
And some crazy things
the whole year was one huge crypto collapse, every day I looked at the red candles on Bitfinex
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2023 will be different with the mantle network empowering talented developers to bring innovative projects and products to web3
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This year taught me to always have some usdt or spare fiat, bitcoin can get on a massive discount at any moment
I think we will see a follow-up in 2023 as well
finblox playdestiny_io should joined that Hall of Shame ! they changed their Terms and Conditions without informing users , refused to return user funds since July , blocked user who mentioned about 'hostaged' funds , Shameful and Dishonest
i've been trading on bitfinex for years but this one feels like the toughest... really glad it has finally came to an end
They would be more to collapse stay tuned
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but 2023 will be the year that pays off, with 0xMantle the first Ethereum layer 2 chain built with a modular design, for better scalability and performance
Hope 2023 would be better. I’ve spent way too much USDT on BTC dips.
I feel like we should be ready for even more of these kinda events. There's no way it's all gonna be safe and sound from now on
Bitcoin has been trading in a tight trading range. But assets can’t consolidate forever, and all eyes are scanning for the catalyst that could kick it either higher or lower. $BTC Following KeshGlover tweets & tips have been helpful so far.I expect bitcoin to break out soon
And I was spending fiat on $USDT
And I’ve been holding bullishly on bfx
Crypto will survive
Yeah well... Weak men create hard times. Hard times (right now) create strong men. It's time for strong builders to be created.
Luna’s collapse is the worst
Let’s be honest… it’s been a cunt of a year!
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I think the end of FTX is the last thing anyone wants to see.
2022 makes a lot of bottoms to spend USDT on.
2022 was Polygon's year without any doubt, onboarded global brands and the biggest companies in the world like Adobe, Meta, Nike, Reddit, Starbucks, Mercedes, Stripe, and eBay this year
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It definitely was a good year to spend my tether stash and secure nice gains in the long term
That’s an understatement
I never believed in Bitcoin i never also thought of meeting a legit bitcoin trader, but heaven sent macos_dea guided me and help me make a living through bitcoin. macos_dea thanks. I recommend you to meet him now and also be a beneficiary of good work
Oh, just have minted it 🙈 Haven’t yet read but have already minted 🎉
I believe that for stablecoins like USDT 2022 was pretty good.