History of Cryptocurrency in Timeline
Cryptocurrency is a decentralized digital currency operating independently of central authorities like governments or banks. It leverages a computer network to facilitate and validate transactions. Its key features include decentralization, transparency (through blockchain technology), and often, pseudonymity. Cryptocurrencies offer an alternative to traditional financial systems, with use cases ranging from payments to investments. The value of cryptocurrencies can be highly volatile, and its regulatory landscape is still evolving globally.
1983: David Chaum conceived of ecash
In 1983, David Chaum conceived ecash, a type of cryptographic electronic money.
1995: David Chaum Implemented Digicash
In 1995, David Chaum implemented Digicash, an early form of cryptographic electronic payments requiring user software to withdraw notes from a bank and designate specific encrypted keys before sending them to a recipient, making the digital currency untraceable by a third party.
October 1996: NSA Paper Published in MIT Mailing List
In October 1996, the National Security Agency (NSA) published a paper titled "How to Make a Mint: The Cryptography of Anonymous Electronic Cash" on an MIT mailing list, describing a cryptocurrency system.
April 1997: NSA paper published in The American Law Review
In April 1997, the National Security Agency's paper "How to Make a Mint: The Cryptography of Anonymous Electronic Cash", which describes a cryptocurrency system, was published in The American Law Review.
1998: Wei Dai described b-money
In 1998, Wei Dai described "b-money", an anonymous, distributed electronic cash system.
1999: Comparisons of Cryptocurrencies to Economic Bubbles and Ponzi Schemes
In 1999, the dot-com bubble was compared to digital currencies, as Howard Marks of Oaktree Capital Management likened digital currencies to unfounded fads or pyramid schemes, comparing them to historical financial bubbles like the tulip mania (1637), South Sea Bubble (1720), and the dot-com bubble (1999) in 2017.
2008: Satoshi Nakamoto on Cryptocurrency and Libertarianism
In 2008, Satoshi Nakamoto, the founder of Bitcoin, expressed that cryptocurrencies align well with the libertarian viewpoint.
2008: Early innovation of bitcoin
In 2008, bitcoin was innovated which had an early network effect.
January 2009: Bitcoin was created
In January 2009, bitcoin was created by pseudonymous developer Satoshi Nakamoto using SHA-256 in its proof-of-work scheme.
2009: Bitcoin released as open-source software
In 2009, bitcoin was first released as open-source software, marking the birth of the first cryptocurrency.
2009: Introduction of Bitcoin and the mining 'arms race'
Since bitcoin's introduction in 2009, an arms race for cheaper-yet-efficient machines has existed.
2009: Concerns over Cryptocurrency Threat to Society
Since the inception of bitcoin in 2009, concerns have grown that the unregulated nature of cryptocurrencies may become a threat to society, enabling anonymous web criminals.
April 2011: Namecoin was created
In April 2011, Namecoin was created as an attempt at forming a decentralized DNS.
October 2011: Litecoin was released
In October 2011, Litecoin was released, which used scrypt as its hash function instead of SHA-256.
2011: Cybersecurity Breaches
Between 2011 and 2019, reported cybersecurity breaches at exchanges ranged from four to twelve a year.
2011: Cryptocurrency bubble and market crash in 2011
In 2011, cryptocurrency experienced a bubble and market crash, marking one of several periods of growth and retraction.
August 2012: Peercoin was created
In August 2012, Peercoin was created, using a hybrid of proof-of-work and proof-of-stake.
October 2013: Shutdown of the Original Silk Road
In October 2013, the original Silk Road, an online black market using cryptocurrency, was shut down, leading to an increase in prominent dark markets and drug listings in the following year.
2013: Cryptocurrency bubble and market crash in 2013-2014/15
In 2013, cryptocurrency experienced a bubble and market crash, marking one of several periods of growth and retraction.
February 2014: First Bitcoin ATM Launched in the US
In February 2014, Jordan Kelley launched the first bitcoin ATM in the United States, located in Austin, Texas. The ATM used scanners to verify users' identities via government-issued IDs.
February 2014: Mt. Gox Declares Bankruptcy After Bitcoin Loss
In February 2014, Mt. Gox, the world's largest bitcoin exchange, declared bankruptcy after claiming to have lost nearly 750,000 bitcoins due to theft. The price of bitcoin fell from approximately $1,160 in December to under $400 in February as a result.
March 2014: IRS Rules Bitcoin as Property for Tax Purposes
On March 25, 2014, the United States Internal Revenue Service (IRS) ruled that bitcoin will be treated as property for tax purposes, subjecting virtual currencies to capital gains tax.
August 2014: UK Treasury commissioned study on cryptocurrencies
On 6 August 2014, the UK announced its Treasury had commissioned a study of cryptocurrencies and what role, if any, they could play in the UK economy, along with whether regulation should be considered.
2014: Concerns About Cryptocurrency Adoption and Consumer Protection
In 2014, Gareth Murphy, a senior banking officer, expressed concerns that widespread cryptocurrency adoption could obfuscate economic data. Unlike traditional financial products, cryptocurrencies lack strong consumer protections, such as chargebacks for fraud.
2014: Garza Founded Cryptocurrency Startups GAW Miners and ZenMiner
In 2014, Homero Josh Garza founded the cryptocurrency startups GAW Miners and ZenMiner, which were later acknowledged to be part of a pyramid scheme.
2014: Cryptocurrency bubble and market crash in 2013-2014/15
In 2014, cryptocurrency experienced a bubble and market crash, marking one of several periods of growth and retraction.
September 2015: Establishment of the Academic Journal Ledger
In September 2015, the academic journal Ledger was established by the University of Pittsburgh, covering studies of cryptocurrencies and related technologies.
2015: Garza Pleaded Guilty to Wire Fraud
In 2015, Homero Josh Garza pleaded guilty to wire fraud in connection with his cryptocurrency startups GAW Miners and ZenMiner.
January 2016: Estimated Carbon Emissions from Proof-of-Work Cryptocurrencies
From 1 January 2016 to 30 June 2017, Proof-of-work blockchains such as bitcoin, Ethereum, Litecoin, and Monero were estimated to have added between 3 million and 15 million tons of carbon dioxide (CO2) to the atmosphere.
2016: Ethereum had the largest 'following' of any altcoin
In 2016, Ethereum had the largest "following" of any altcoin, according to the New York Times.
June 2017: Estimated Carbon Emissions from Proof-of-Work Cryptocurrencies
From 1 January 2016 to 30 June 2017, Proof-of-work blockchains such as bitcoin, Ethereum, Litecoin, and Monero were estimated to have added between 3 million and 15 million tons of carbon dioxide (CO2) to the atmosphere.
September 2017: China Bans ICOs
In September 2017, China banned Initial Coin Offerings (ICOs), which caused a decrease in cryptocurrency returns initially, but the liquidity effect became positive after the news.
November 2017: Tether Hacked, $31 Million in USDT Lost
On November 21, 2017, Tether announced that it had been hacked, resulting in the loss of $31 million in USDT from its core treasury wallet.
December 2017: Youbit Files for Bankruptcy After Two Hacks
On December 19, 2017, Yapian, the owner of South Korean exchange Youbit, filed for bankruptcy after suffering two hacks that year. Customers were granted access to 75% of their assets.
December 2017: Nicehash Hacked, Over $70 Million Stolen
On December 7, 2017, Slovenian cryptocurrency exchange Nicehash reported that hackers had stolen over $70 million using a hijacked company computer.
2017: Comparisons of Cryptocurrencies to Economic Bubbles and Ponzi Schemes
In 2017, Howard Marks of Oaktree Capital Management likened digital currencies to unfounded fads or pyramid schemes, comparing them to historical financial bubbles like the tulip mania (1637), South Sea Bubble (1720), and dot-com bubble (1999).
2017: Allegations of Bitcoin Price Manipulation Using Tether
In 2017, a paper by John Griffin and Amin Shams suggested that the price of Bitcoin had been substantially inflated using the cryptocurrency, Tether.
2017: Increased Demand for Graphics Cards (GPU) due to Cryptocurrency Mining
In 2017, an increase in cryptocurrency mining significantly increased the demand for graphics cards (GPUs) driving up prices and causing shortages due to their suitability for generating hashes.
2017: Cryptocurrency bubble and market crash in 2017-2018
In 2017, cryptocurrency experienced a bubble and market crash, marking one of several periods of growth and retraction.
2017: Money Laundering Risk
In 2017, the money laundering risk was seen as low.
January 2018: Coincheck Reports $530 Million Cryptocurrency Theft
In January 2018, Japanese exchange Coincheck reported that hackers had stolen cryptocurrency worth $530 million.
February 2018: Chinese government halted virtual currency trading
As of February 2018, the Chinese government has halted trading of virtual currency, banned initial coin offerings, and shut down mining.
March 2018: Plattsburgh, New York put an 18-month moratorium on all cryptocurrency mining
In March 2018, the city of Plattsburgh, New York put an 18-month moratorium on all cryptocurrency mining in an effort to preserve natural resources and the "character and direction" of the city.
March 2018: "Cryptocurrency" added to Merriam-Webster Dictionary
In March 2018, the word "cryptocurrency" was added to the Merriam-Webster Dictionary, signifying the increasing recognition and mainstream awareness of the term.
May 2018: Bitcoin Gold Transactions Hijacked, Exchanges Lose $18 Million
In May 2018, Bitcoin Gold had its transactions hijacked and abused by unknown hackers. Exchanges lost an estimated $18 million, and Bitcoin Gold was delisted from Bittrex.
June 2018: Hydro Quebec proposed allocating power to crypto mining
In June 2018, Hydro Quebec proposed to the provincial government to allocate 500 megawatts of power to crypto companies for mining.
June 2018: Coinrail Hacked, Crypto Selloff Worsened
In June 2018, South Korean exchange Coinrail was hacked, leading to a loss of over $37 million in crypto and worsening a cryptocurrency selloff by an additional $42 billion.
July 2018: Bancor Exchange Hacked, $23.5 Million Stolen
On July 9, 2018, the exchange Bancor, had $23.5 million in crypto stolen.
September 2018: Homero Josh Garza Sentenced to Imprisonment for Wire Fraud
On September 13, 2018, Homero Josh Garza was sentenced to 21 months of imprisonment after acknowledging that his cryptocurrency startups GAW Miners and ZenMiner were part of a pyramid scheme. He had pleaded guilty to wire fraud in 2015.
2018: Switzerland Issues ICO Legal Guidelines
In 2018, a legislative ICO working group in Switzerland began issuing legal guidelines to remove uncertainty from cryptocurrency offerings and establish sustainable business practices, following requests from industry representatives.
2018: Increase in crypto-related suicides noticed after cryptocurrency market crash
In 2018, an increase in crypto-related suicides was noticed after the cryptocurrency market crashed in August. The situation was particularly critical in Korea as crypto traders were on "suicide watch".
2018: Welfare loss due to Bitcoin's design
In 2018, bitcoin's design caused a 1.4% welfare loss compared to an efficient cash system, while a cash system with 2% money growth has a minor 0.003% welfare cost. The main source for this inefficiency is the large mining cost, which is estimated to be US$360 million per year.
2018: Cryptocurrency bubble and market crash in 2017-2018
In 2018, cryptocurrency experienced a bubble and market crash, marking one of several periods of growth and retraction.
2018: Bank for International Settlements' Criticisms of Cryptocurrencies
In 2018, the Bank for International Settlements highlighted several criticisms of cryptocurrencies, including price instability, high energy consumption, transaction costs, poor security, fraud, vulnerability to debasement, and the influence of miners.
2018: UK published report on cryptocurrencies
In 2018, the UK published its final report on cryptocurrencies, commissioned by the Treasury, examining their potential role in the UK economy and considering possible regulations.
July 2019: Bitcoin's estimated electricity consumption
By July 2019, bitcoin's electricity consumption was estimated to be approximately 7 gigawatts, around 0.2% of the global total, or equivalent to the energy consumed nationally by Switzerland.
2019: FINMA Issues VASP Guidance Following FATF Recommendation 16
In 2019, FINMA, the Swiss regulator, issued its own guidance to VASPs following the FATF's Recommendation 16, with stricter requirements for verifying the identity of the beneficiary of the transfer.
2019: Over a Billion Dollars Worth of Cryptoassets Stolen
In 2019, more than a billion dollars worth of cryptoassets was reported stolen, with the stolen assets typically ending up in illegal markets.
2019: Reports of Wash Trading on Cryptocurrency Exchanges
In 2019, studies indicated that up to 80% of trades on unregulated cryptocurrency exchanges might be wash trades. Bitwise Asset Management reported that 95% of Bitcoin trading volume on CoinMarketCap was artificially generated.
May 2020: IVMS 101 Published
In May 2020, the Joint Working Group on interVASP Messaging Standards published "IVMS 101", a universal common language for communication of required originator and beneficiary information between VASPs.
June 2020: FATF Updates Guidance to Include Travel Rule
In June 2020, FATF updated its guidance to include the "Travel Rule" for cryptocurrencies, requiring VASPs to obtain, hold, and exchange information about the originators and beneficiaries of virtual asset transfers.
September 2020: European Commission Publishes Digital Finance Strategy
In September 2020, the European Commission published a digital finance strategy, including a draft regulation on Markets in Crypto-Assets (MiCA) to provide a regulatory framework for digital assets in the EU.
December 2020: IVMS 101 Data Model Still Unfinalized
As of December 2020, the IVMS 101 data model has yet to be finalized and ratified by the three global standard setting bodies that created it.
2020: EU Report on Crypto-Asset Losses Due to Security Breaches
A 2020 EU report found that users had lost crypto-assets worth hundreds of millions of US dollars in security breaches at exchanges and storage providers.
2020: Attacks on privacy in cryptocurrencies
A 2020 study presented different attacks on privacy in cryptocurrencies and suggested several different ideas, including new cryptographic schemes and mechanisms for hiding the IP address of the source in order to improve privacy.
2020: US Attorney General's Cyber-Digital Task Force Report on Illicit Cryptocurrency Uses
According to a 2020 report produced by the United States Attorney General's Cyber-Digital Task Force, the majority of illicit cryptocurrency uses fall into three categories: financial transactions associated with crimes, money laundering, and crimes directly implicating the cryptocurrency marketplace itself.
2020: UK National Risk Assessment on Cryptoassets
According to the UK 2020 national risk assessment, the risk of using cryptoassets such as bitcoin for money laundering and terrorism financing is assessed as "medium."
2020: Arbitrage opportunities in cryptocurrency markets
As of 2020, it was possible to arbitrage to find the difference in price across several crypto marketplaces.
2020: Altcoins described as "alternative versions of Bitcoin"
In 2020, Paul Vigna of The Wall Street Journal described altcoins as "alternative versions of Bitcoin" given its role as the model protocol for cryptocurrency designers. As of early 2020, there were more than 5,000 cryptocurrencies.
2020: Dark Money Flows into Russia Through Hydra Marketplace
In 2020, the dark web marketplace Hydra, which is powered by cryptocurrency, facilitated over $1 billion in sales, channeling dark money into Russia. The platform required sellers to liquidate cryptocurrency through specific regional exchanges, complicating tracing efforts.
2020: RenBridge Laundering Activities
Since 2020, RenBridge, an unregulated service for blockchain transfers, was found to have laundered at least $540 million, commonly used to launder money from theft, including the Liquid crypto exchange cyberattack linked to North Korea. This information was uncovered in 2022.
January 2021: Cryptocurrency Firms Must Register with FCA in the UK
As of 10 January 2021, all cryptocurrency firms operating in the UK market were required to register with the Financial Conduct Authority (FCA).
January 2021: Mirror Trading International Disappears with $170 Million in Cryptocurrency
In January 2021, Mirror Trading International disappeared with $170 million worth of cryptocurrency in South Africa.
January 2021: UK issued consultation on cryptoassets and stablecoins
In January 2021, the UK issued a consultation on cryptoassets and stablecoins following its 2018 report on cryptocurrencies.
February 2021: BNY Mellon to Offer Cryptocurrency Services
On 11 February 2021, BNY Mellon announced its plan to begin offering cryptocurrency services to its clients.
March 2021: South Korea Implements New Digital Asset Legislation
In March 2021, South Korea implemented new legislation to strengthen oversight of digital assets, requiring registration with the Korea Financial Intelligence Unit and adherence to security and customer verification standards.
March 2021: Morgan Stanley to Offer Bitcoin Funds to Wealthy Clients
On 17 March 2021, Morgan Stanley became the first major Wall Street bank to offer access to Bitcoin funds for their wealthy clients through three funds that enable Bitcoin ownership for investors with a high risk tolerance.
April 2021: Africrypt Founders Disappear with $3.8 Billion in Bitcoin
In April 2021, the founders of Africrypt, Raees Cajee and Ameer Cajee, disappeared with $3.8 billion worth of Bitcoin in South Africa's largest cryptocurrency scam.
April 2021: Venmo Adds Cryptocurrency Support
On 20 April 2021, Venmo added support to its platform, enabling customers to buy, hold, and sell cryptocurrencies.
May 2021: Study of Proof-of-Stake Networks
In May 2021, a study of the six largest proof-of-stake networks concluded and identified six "environmentally friendly" cryptocurrencies: Chia, IOTA, Cardano, Nano, Solarcoin and Bitgreen.
May 2021: China Bans Cryptocurrency Transaction Services
On 18 May 2021, China banned financial institutions and payment companies from providing cryptocurrency transaction-related services, leading to a sharp fall in the price of major cryptocurrencies such as Bitcoin, Ethereum, Binance Coin, and Dogecoin.
May 2021: Treasury to Require Reporting of Cryptocurrency Transfers Over $10,000
On May 2021, the Department of the Treasury announced that it would require any transfer worth $10,000 or more to be reported to the Internal Revenue Service (IRS) due to concerns about illegal activity like tax evasion facilitated by cryptocurrency.
June 2021: El Salvador accepted bitcoin as legal tender
In June 2021, El Salvador became the first country to accept bitcoin as legal tender after the Legislative Assembly voted 62-22 to pass a bill submitted by President Nayib Bukele.
June 2021: Cryptocurrency Offered by Wealth Managers in US
In June 2021, cryptocurrency began to be offered by some wealth managers in the US for 401(k)s.
June 2021: Basel Committee Proposes Strict Capital Coverage for Banks Holding Crypto
On 10 June 2021, the Basel Committee on Banking Supervision proposed that banks holding cryptocurrency assets must set aside capital to cover all potential losses, requiring full coverage.
June 2021: FCA Demands Binance Cease Regulated Activities in the UK
On 27 June 2021, the UK's Financial Conduct Authority (FCA) demanded that Binance cease all regulated activities in the UK.
July 2021: Senator Warren Demands Answers on Crypto Regulation
In July 2021, Senator Elizabeth Warren wrote to the chairman of the SEC demanding answers on cryptocurrency regulation due to the increase in cryptocurrency exchange use and the danger this posed to consumers.
August 2021: Cuba Recognized and Regulated Cryptocurrencies
In August 2021, Cuba followed El Salvador by recognizing and regulating cryptocurrencies such as bitcoin with Resolution 215.
August 2021: SEC Chairman Calls for Crypto Legislation
On August 2021, SEC Chairman Gary Gensler responded to Warren's letter, calling for legislation focused on "crypto trading, lending and DeFi platforms." He also criticized stablecoins and argued that many tokens may be unregistered securities.
September 2021: China Declares All Cryptocurrency Transactions Illegal
In September 2021, the Chinese government declared all cryptocurrency transactions illegal, completing its crackdown on cryptocurrency.
October 2021: Mastercard Partners with Bakkt to Offer Cryptocurrency Services
In October 2021, Mastercard announced a partnership with Bakkt to create a platform allowing banks and merchants on the Mastercard network to offer cryptocurrency services.
October 2021: Systemic Risk in Bitcoin Ownership
In October 2021, a paper by the National Bureau of Economic Research revealed that Bitcoin suffers from systemic risk, with the top 10,000 addresses controlling about one-third of all Bitcoin in circulation, and 0.01% of miners controlling 50% of the capacity.
October 2021: First Bitcoin-Linked ETF Starts Trading
In October 2021, the first bitcoin-linked exchange-traded fund (ETF) from ProShares started trading on the NYSE under the ticker "BITO." According to ProShares CEO Michael L. Sapir, the ETF would expose bitcoin to a wider range of investors.
December 2021: Monkey Kingdom NFT Project Loses US$1.3 Million in Cryptocurrency
In December 2021, Monkey Kingdom, an NFT project based in Hong Kong, lost US$1.3 million worth of cryptocurrencies via a phishing link used by the hacker.
2021: Criminals Laundered $8.6 Billion in Cryptocurrency
According to blockchain data company Chainalysis, criminals laundered US$8,600,000,000 worth of cryptocurrency in 2021, up by 30% from the previous year. Almost $2.2bn worth of cryptocurrencies was embezzled from DeFi protocols in 2021, which represents 72% of all cryptocurrency theft in 2021.
2021: Total Cryptocurrency Value Peak
At the end of 2021, the total value of all cryptocurrencies reached $2 trillion.
2021: Illicit Crypto Transactions
Blockchain analysis company Chainalysis concluded that illicit activities made up only 0.15% of all crypto transactions conducted in 2021, representing a total of $14 billion.
2021: Cryptocurrency Businesses Under Suspicion in Moscow
In 2021, Federation Tower in Moscow was identified as a hub for cryptocurrency businesses suspected of money laundering, including Garantex, Eggchange, Cashbank, Buy-Bitcoin, Tetchange, Bitzlato, and Suex, with Suex being sanctioned by the U.S.
2021: Kazakhstan became the second-biggest crypto-currency mining country
In 2021, Kazakhstan became the second-biggest crypto-currency mining country, producing 18.1% of the global exahash rate.
2021: Polytechnic University of Catalonia defined altcoins
In 2021, a Polytechnic University of Catalonia thesis broadened the definition of altcoins to include every cryptocurrency other than bitcoin.
2021: Ransomware Revenue Linked to Russia
In 2021, approximately 74% of ransomware revenue, exceeding $400 million in cryptocurrency, was attributed to software strains likely associated with Russia, where oversight is limited.
2021: Backlash Against Bitcoin Donations Due to Environmental Concerns
In 2021, concerns about environmental emissions led to a backlash against Bitcoin donations. Some agencies stopped accepting Bitcoin, including the U.S. arm of Greenpeace after seven years, citing that the amount of energy needed to run Bitcoin became clearer, this policy became no longer tenable."
2021: Cryptocurrency bubble and market crash in 2021-2023
In 2021, cryptocurrency experienced a bubble and market crash, marking one of several periods of growth and retraction.
2021: Research on Cryptocurrency Consumer Awareness in the UK
In 2021, research by the UK's financial regulator indicated that consumer warnings about cryptocurrency were often unheard or ignored. A significant portion of crypto users were unaware of the lack of statutory compensation, wrongly assumed cryptocurrencies were regulated, and were influenced by social media and competition with peers.
2021: Global Cryptocurrency Regulation and Bans
In 2021, various countries had differing stances on cryptocurrency, with some explicitly allowing use and trade, while others imposed bans or restrictions. An absolute ban applied in 9 countries including Algeria, Bangladesh, and China, and an implicit ban in 39 others. Regulators in the United States and Canada investigated "Bitcoin scams" and ICOs in 40 jurisdictions.
January 2022: IMF Seeks Coordinated Approach to Cryptocurrency Supervision
In a January 2022 interview, Tobias Adrian of the IMF stated the need for a coordinated, consistent, and comprehensive approach to supervising cryptocurrencies globally.
February 2022: Department of Justice Names First Director of National Cryptocurrency Enforcement Team
On February 2022, the Department of Justice named Eun Young Choi as the first director of a National Cryptocurrency Enforcement Team to address misuse of cryptocurrencies and other digital assets.
March 2022: Biden Issues Executive Order on Digital Assets
On March 9, 2022, President Biden issued Executive Order 14067, Ensuring Responsible Development of Digital Assets.
April 2022: Virgil Griffith Sentenced for Cryptocurrency Conference Presentation
In April 2022, Virgil Griffith, a computer programmer, received a five-year prison sentence in the US for attending a Pyongyang cryptocurrency conference, where he presented on blockchains and potential sanctions evasion.
May 2022: Collapse of Luna currency leads to reports of suicidal investors
In May 2022, the collapse of the Luna currency operated by Terra led to reports of suicidal investors in crypto-related subreddits.
May 2022: Terra's stablecoin UST fell from $1 to 26 cents
On 11 May 2022, Terra's stablecoin UST experienced a significant crash, falling from $1 to 26 cents.
June 2022: Bill Gates says cryptocurrencies are "100% based on greater fool theory"
In June 2022, Bill Gates stated that cryptocurrencies are "100% based on greater fool theory".
July 2022: Treasury Releases Framework for International Engagement on Digital Assets
On July 7, 2022, the Department of the Treasury released its Framework for International Engagement on Digital Assets.
September 2022: Interpol Red Notice requested against Do Kwon
In September 2022, South Korean prosecutors requested the issuance of an Interpol Red Notice against Do Kwon, the founder of Terraform Labs, following the failure of Terra and Luna coins.
September 2022: Ethereum transitioned to proof-of-stake
On 15 September 2022, Ethereum, the world's second-largest cryptocurrency at the time, transitioned its consensus mechanism from proof-of-work (PoW) to proof-of-stake (PoS) in an upgrade process known as "the Merge", which according to the Ethereum Founder, would cut both Ethereum's energy use and carbon-dioxide emissions by 99.9%.
September 2022: Comprehensive Framework for Responsible Development of Digital Assets Document Released
On September 16, 2022, the Comprehensive Framework for Responsible Development of Digital Assets document was released to support development of cryptocurrencies and restrict their illegal use.
November 2022: FTX Trading Ltd. filed for bankruptcy
On 11 November 2022, FTX Trading Ltd., a cryptocurrency exchange valued at $18 billion, filed for bankruptcy, impacting the broader financial landscape. Following the collapse of FTX, financial industry executives emphasized the need for regulators to protect crypto investors, while technology analyst Avivah Litan highlighted the necessity for significant improvements in user experience, controls, safety, and customer service within the cryptocurrency ecosystem.
2022: RenBridge Laundering Activities
In 2022, RenBridge, an unregulated service for blockchain transfers, was found to have laundered at least $540 million since 2020, commonly used to launder money from theft, including the Liquid crypto exchange cyberattack linked to North Korea.
2022: Concerns Over Crypto Use to Evade Sanctions Against Russia
In 2022, following Western nations' economic sanctions on Russia after the invasion of Ukraine, American sources warned in March that some crypto-transactions could potentially be used to evade these economic sanctions against Russia and Belarus.
2022: Ukraine raises over US$10,000,000 worth of aid through cryptocurrency
In 2022, the Ukrainian government successfully raised over US$10,000,000 worth of aid through cryptocurrency following the Russian invasion of Ukraine.
2022: Cryptocurrency Market Shift
In early 2022, only four of the top cryptocurrencies identified in January 2018 by value remained in the top 10. The cryptocurrency sector became intertwined with capital markets.
February 2023: SEC Rules Kraken's Staked Assets as Illegal Securities Seller
In February 2023, the SEC ruled that cryptocurrency exchange Kraken's staked assets operated as an illegal securities seller. Kraken agreed to a $30 million settlement and to cease its staking service in the US.
February 2023: Median transaction fees for Ether and Bitcoin
In February 2023, the median transaction fee for Ether corresponded to $2.2845, while for bitcoin it corresponded to $0.659.
March 2023: SEC Issues Alert on Crypto Asset Securities
On March 23, 2023, the SEC issued an alert to investors stating that firms offering crypto asset securities might not be complying with US laws.
June 2023: Over 25,000 cryptocurrencies in the marketplace
As of June 2023, the cryptocurrency marketplace had grown to include more than 25,000 different cryptocurrencies, with over 40 having a market capitalization exceeding $1 billion, marking a significant expansion of the cryptocurrency ecosystem.
November 2, 2023: Sam Bankman-Fried Found Guilty on Fraud Charges
On November 2, 2023, Sam Bankman-Fried was pronounced guilty on seven counts of fraud related to FTX.
2023: IMF paper on crypto mining CO2 emissions
A 2023 IMF working paper found that crypto mining could generate 450 million tons of CO2 emissions by 2027, accounting for 0.7 percent of global emissions, or 1.2 percent of the world total
2023: Expected Regulatory Framework for Stablecoins in Hong Kong
In 2023, Hong Kong is shaping its expected regulatory framework for stablecoins, which includes a few considerations.
2023: LiteBit forced to cease operations
In 2023, LiteBit, previously headquartered in the Netherlands, was forced to cease all operations on August 13th, "due to market changes and regulatory pressure".
2023: Cryptocurrency bubble and market crash in 2021-2023
In 2023, cryptocurrency experienced a bubble and market crash, marking one of several periods of growth and retraction.
March 28, 2024: Sam Bankman-Fried Sentenced to 25 Years in Prison
On March 28, 2024, the court sentenced Sam Bankman-Fried to 25 years in prison.
April 2024: Controversial Cryptocurrency Recovery Bill Proposed in Cook Islands
In April 2024, TVNZ reported that the Cook Islands government was proposing legislation to allow "recovery agents" to investigate and recover cryptocurrency used for illegal activities, which was criticized for being potentially unconstitutional and involving conflicts of interest.
May 2024: US Congress Advances Bill for Digital Asset Regulatory Clarity
In May 2024, 15 years after the creation of Bitcoin's blockchain, the US Congress advanced the Financial Innovation and Technology for the 21st Century Act to the full House of Representatives, aiming to provide regulatory clarity for digital assets.
June 2024: EU Regulation Markets in Crypto-Assets (MiCA) Comes into Force
On 30 June 2024, the EU regulation Markets in Crypto-Assets (MiCA) covering asset-referenced tokens (ARTs) and electronic money tokens (EMTs), also known as stablecoins, came into force.
November 2024: Labour government confirms regulation of cryptoassets
In November 2024, the incoming Labour government confirmed that it would proceed with the regulation of cryptoassets.
December 2024: MiCA Regulation covering crypto-assets other than ART and EMT and CASPs Comes into Force
As of 30 December 2024, the rest of MiCA came into force, covering crypto-assets other than ART and EMT and CASPs. MiCA excludes crypto-assets if they qualify as financial instruments according to ESMA guidelines published on 17 December 2024 as well as crypto-assets that are unique and not fungible with other crypto-assets.
2024: Dogecoin value plunged to 13 cents
By mid-2024, Dogecoin's value plunged to 13 cents after a record-high of 73 cents.
January 2025: ESMA Issues Guidance for Crypto-Asset Service Providers
As of 17 January 2025, the European Securities and Markets Authority (ESMA) issued guidance to crypto-asset service providers (CASPs) allowing them to maintain crypto-asset services for non-compliant ARTs and EMTs until the end of March 2025.
January 2025: President Trump Revokes Executive Order 14067
On January 23, 2025, President Donald Trump signed Executive Order 14178, Strengthening American Leadership in Digital Financial Technology, revoking Executive Order 14067 of March 9, 2022, Ensuring Responsible Development of Digital Assets and the Department of the Treasury's Framework for International Engagement on Digital Assets of July 7, 2022. The order also prohibits the establishment, issuance or promotion of Central bank digital currency and establishes a group tasked with proposing a federal regulatory framework for digital assets within 180 days.
March 2025: Deadline for CASPs to maintain services for non-compliant ARTs and EMTs
The European Securities and Markets Authority (ESMA) issued guidance to crypto-asset service providers (CASPs) allowing them to maintain crypto-asset services for non-compliant ARTs and EMTs until the end of March 2025.
April 2025: Cryptocurrency market capitalization estimated at $2.76 trillion
In April 2025, the estimated market capitalization of the cryptocurrency market reached $2.76 trillion, indicating substantial growth and investment in the cryptocurrency sector.
2026: New UK requirements expected to come into force
In 2026, new UK requirements regarding the regulation of cryptoassets are expected to come into force.
2027: Projected Crypto Mining CO2 Emissions
A 2023 IMF working paper found that crypto mining could generate 450 million tons of CO2 emissions by 2027, accounting for 0.7 percent of global emissions, or 1.2 percent of the world total
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