Year in review

2022 in crypto failure

Every CryptoMortem record with a primary date in 2022, ordered chronologically. Affected funds across these records exceed $66 billion.

• Exchange collapse·November 28, 2022resolved

  BlockFi Collapse — November 2022

  The New Jersey crypto lender filed Chapter 11 sixteen days after FTX, citing direct exposure to FTX and Alameda as the final blow on top of earlier losses to Three Arrows Capital.

  $1.30B affected
• Exchange collapse·November 11, 2022resolved

  FTX Collapse — November 2022

  The world's second-largest crypto exchange filed for Chapter 11 bankruptcy within nine days of a leaked Alameda balance sheet that revealed commingled customer funds.

  $8.00B affected
• Hack·October 11, 2022resolved

  Mango Markets Oracle Manipulation — October 2022

  A trader pumped the MNGO oracle on a thin Solana spot market, used the inflated collateral to borrow $114M from the protocol, then later argued in court that the manoeuvre constituted legitimate trading.

  $114.0M affected
• Regulatory·August 8, 2022resolved

  OFAC Sanctions on Tornado Cash — August 2022

  The US Treasury added Tornado Cash smart-contract addresses to the SDN list — the first time OFAC sanctioned autonomous code rather than persons or entities — and arrested co-founder Roman Storm a year later.

• Exchange collapse·July 13, 2022resolved

  Celsius Network Collapse — July 2022

  The largest centralised crypto lender suspended withdrawals on 12 June 2022 and filed for Chapter 11 a month later, owing approximately $4.7 billion to retail depositors.

  $4.70B affected
• Exchange collapse·July 5, 2022resolved

  Voyager Digital Collapse and Bankruptcy in 2022

  After Three Arrows Capital defaulted on a roughly $670 million loan, Voyager froze customer activity, entered Chapter 11, and later liquidated, returning about 35.7% of customer claim value.

  $670.0M affected
• Exchange collapse·June 27, 2022resolved

  Three Arrows Capital Collapse — June 2022

  The 10-billion-dollar crypto hedge fund failed margin calls on leveraged LUNA, GBTC and staked-ETH positions, triggering a cascade through Voyager, Celsius and BlockFi.

  $10.00B affected
• Depeg·May 9, 2022resolved

  Terra / UST Depeg — May 2022

  The third-largest stablecoin lost its dollar peg over four days, taking $40 billion in combined LUNA and UST market cap to zero.

  $40.00B affected
• Hack·March 23, 2022resolved

  Ronin Bridge Hack — March 2022

  A North Korean state actor compromised 5 of 9 validator nodes on the Ronin sidechain, draining $625 million in ETH and USDC.

  $625.0M affected
• Hack·February 2, 2022resolved

  Wormhole Bridge Hack — February 2022

  A signature-verification flaw in the Solana-Ethereum Wormhole bridge allowed an attacker to mint 120,000 wETH on Solana without depositing the matching ETH — a $325 million theft that Jump Trading replenished from its own balance sheet.

  $325.0M affected