Here’s how we captured all the drama in The Node |
Dec. 26, 2022
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Hey there, fellow crypto enthusiast!
Over the past few months, the world of cryptocurrency has been abuzz with plenty of drama, excitement and controversy – to keep you on the edge of your seat! And we covered it all in The Node.
With the new year around the corner, we decided to put together this special recap of the juicy events leading up to the end of the year.
From the thrill of the Ethereum transition, to the debate around Musk’s Twitter takeover, all the way to the bitter complaints from users in the heat of the FTX collapse and the contagion to crypto lenders – it’s all here.
December:
Crypto Lenders Feel the Heat
The market continues to digest the FTX collapse contagion as it led to the bankruptcy of BlockFi. Also, Binance agreed to buy bankrupt Voyager Digital’s assets for $1.02B.
What is happening with crypto lenders? The bear market has strained every corner of the crypto industry, but perhaps none more than businesses involved in crypto lending. You know the names already: BlockFi, Celsius Network and Genesis Global Trading.
Back in August, when FTX stepped in to rescue BlockFi from bankruptcy after the Terra meltdown and helped restore confidence in the crypto world, things were looking pretty good for the world’s then third largest crypto exchange.
Flash forward to November, the FTX exchange collapsed, sparking outrage among customers and raising questions about Sam Bankman-Fried and the level of corporate controls at the exchange. The incident sparked renewed calls for stronger regulation in the crypto industry.
Most recently, prior to his arrest, Bankman-Fried went on a media tour.
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Elon Musk, who has described himself as a “free speech absolutist,” closed his $44 billion deal to buy Twitter, and fired at least four of the company’s top executives.
After years of development and delay, the massive overhaul of Ethereum known as the Merge has finally happened, moving the digital machinery at the core of the second-largest cryptocurrency by market value to a vastly more energy-efficient system.
Hot off the heels of the Merge, a complicated plan to swap Ethereum’s infrastructure without interrupting the multibillion-dollar cryptocurrency network, Ethereum’s co-founder Vitalik Buterin reshared data suggesting “worldwide electricity consumption” could be reduced by 0.2% as a result.
Each December since 2014, CoinDesk has taken stock of the year to date to find the themes, stories and people that made the biggest impact on crypto, blockchain and Web3. This gives us a chance to recognize the good as well as the bad.
Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.
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