Cryptocurrency prices have fallen sharply since the beginning of the year. The list of crypto villains who are to blame for this includes some incredible names. The first two years of this decade turned out to be the worst in human history. This year, people have high hopes. However, 2022 turned out to be another hopeless year. The crypto sector has seen its worst fraud in 2022. Although there have been changes in the Defi market in the past, nothing comes close to this year’s performance.
Since no one expected this to happen, entering the list of cryptocurrency villains is difficult. Since the beginning of the year, cryptocurrency prices have fallen to historic lows. Although the market is not doing well. However, the betrayal of his own person is not easy. The list of crypto criminals includes both famous and surprising names.
Top 5 Biggest Crypto Villains in 2022
Sam Bankman Fried
This name on the list is not surprising. The behavior of Sam Bankman-Fried (SBF) took an unexpected turn. At FTX and Alameda Research, SBF and its partners helped him commit the worst fraud of the century. These typical ads dropped every little ball on the businessman who is now known as ‘Bankrun-Fraud Scam’ as investors are suffering.
Others on this list may become worthless in a few years, but SBF will live on in crypto annals. However, it is not enough to be well known in the cryptocurrency market; other financial markets will recognize it as well. He runs one of the biggest frauds of all time, stealing money from his clients, selling fake Bitcoins, and giving money to politicians to gain their favor and protection. He turned out to be the biggest crypto villain of 2022.
The founder and former CEO of Celsius Network is Alex Mashinsky. One of the largest cryptocurrency lending platforms ever created. Basically, Celsius was running a Ponzi scheme where the money from new customer deposits goes to those who want to withdraw. They never make a profit and always fail. It would have been a great song if that was the end.
Mashinsky always spoke the truth and insulted those who rejected Celsius. Even two days before the removal of the paralyzed Celsius, he gave several YouTube interviews in which he said that everything was fine with Celsius. It also reinforced the idea that banks are not trustworthy or reliable. He is the advocate of the people. But it turned out to be a scam, they filed for bankruptcy losing their members in the billions.
Almost every villain’s character is portrayed by Do Kwon. Without a doubt, Do Kwon is to blame for the damage and severe suffering that will hinder the cryptocurrency ecosystem for years to come. Similar to Bankman-Fried, Kwon was a celebrity who became a superstar almost overnight. He has proven time and time again that he cannot handle fame.
His comments and tweets have drawn criticism since the Terra LUNA accident. Although there was great financial loss and, in the worst case, suicide due to Terra’s failure, Kwon showed little remorse. He repeatedly asked to leave crypto forever, but he tried to revive Terra, showing that he still needs attention. He is currently being investigated by all countries, including South Korea and Interpol.
Su Zhu and Kyle Davies
One of the largest and most popular cryptocurrencies is run by Zhu Su and Kyle Davies as 3AC. They caught the eye during the COVID-19, and many believe that they played a role in the revival of the cryptocurrency market that year. However, they will also participate in the sale and dig a pit from which they cannot escape. Given their impeccable reputation in the market.
Everyone wants to work with them and lend them money. Even if that means giving them a loan without any kind of support. When Luna/UST went bankrupt, 3AC filed for bankruptcy. However, the worst is not that. They are associated with many other market participants because of their importance in the industry. This caused a chain reaction that led to the failure of many companies.
Gary Gensler and the SEC
Gary Gensler is an adversary who can take crypto to new heights and protect us from many dangers this year.
He didn’t do that instead. Gensler appears to be delaying the adoption of the Bitcoin cash ETF in the US for unknown reasons. He also refrained from proposing any strong crypto laws. He met SBF several times, it was recently discovered. They reportedly worked together on legislation that would help FTX.