Significant collapses within the crypto sector such as FTX have caused a sense of uncertainty regarding crypto’s adoption rate. Despite fraud revelations, cybersecurity is still an important issue that the crypto industry needs to address.
The cryptocurrency sector today is bleeding profusely and has been doing so since the start of 2022. The market capitalization dropped significantly this year, sliding below the trillion-dollar mark. Thanks to the different catalysts that helped onboard a harsh crypto winter. The latest trigger was the collapse of one of the largest exchanges in crypto, FTX, an outlier even for the crypto industry.
Much has been said and covered about the fall of the exchange and its founder, Sam Bankman-Fried, or ‘SBF.’ The disgraced founder was charged with eight counts of fraud and sued by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
