History of Cryptocurrency in Timeline
Cryptocurrency is a digital currency operating independently of central authorities like governments or banks. It functions via a decentralized computer network, using cryptography for security and to verify transactions. Cryptocurrencies like Bitcoin enable peer-to-peer transactions without intermediaries, offering potential benefits such as lower fees and faster processing times. However, cryptocurrencies are known for their price volatility and are subject to regulatory uncertainty.
1983: David Chaum Conceived ecash
In 1983, David Chaum conceived ecash, a type of cryptographic electronic money.
1995: Digicash Implementation
In 1995, David Chaum implemented ecash through Digicash, an early form of cryptographic electronic payments that ensured untraceability by a third party through user software and encrypted keys.
October 1996: NSA paper published in MIT mailing list
In October 1996, the National Security Agency published a paper entitled How to Make a Mint: The Cryptography of Anonymous Electronic Cash, describing a cryptocurrency system, in an MIT mailing list.
April 1997: NSA paper published in The American Law Review
In April 1997, the National Security Agency's paper titled How to Make a Mint: The Cryptography of Anonymous Electronic Cash, which describes a cryptocurrency system, was published in The American Law Review.
1998: Description of b-money and bit gold
In 1998, Wei Dai described b-money, an anonymous, distributed electronic cash system, and Nick Szabo described bit gold as an electronic currency system.
1999: Comparison of Cryptocurrencies to Economic Bubbles
In 1999, Howard Marks of Oaktree Capital Management compared digital currencies to economic bubbles, such as tulip mania (1637), the South Sea Bubble (1720), and the dot-com bubble (1999), citing a lack of intrinsic value.
2008: Early Bitcoin Innovation
Following the early innovation of bitcoin in 2008, tokens, cryptocurrencies, and other digital assets that were not bitcoin became known as alternative cryptocurrencies, or "altcoins".
2008: Satoshi Nakamoto on Cryptocurrency and Libertarianism
In 2008, Bitcoin's founder, Satoshi Nakamoto, expressed the idea that cryptocurrencies align well with libertarian principles, emphasizing the appeal to the libertarian viewpoint if properly explained.
January 2009: Bitcoin Creation
In January 2009, bitcoin was created by Satoshi Nakamoto, using SHA-256 in its proof-of-work scheme.
2009: Bitcoin Released as Open-Source Software
In 2009, bitcoin, the first cryptocurrency, was released as open-source software.
2009: Bitcoin Introduction and Mining Arms Race
Since bitcoin was introduced in 2009, there has been an arms race for cheaper-yet-efficient machines, measured by hash rate, to validate transactions through mining.
2009: Concerns Arise Over Unregulated Cryptocurrency Economy
Since the inception of bitcoin in 2009, increased popularity and demand for online currencies have raised concerns that the unregulated peer-to-peer global economy cryptocurrencies offer may pose a threat to society and become tools for anonymous web criminals.
April 2011: Namecoin Creation
In April 2011, Namecoin was created as an attempt at forming a decentralized DNS.
October 2011: Litecoin Release
In October 2011, Litecoin was released, using scrypt as its hash function instead of SHA-256.
2011: Crypto Breaches Ranged from Four to Twelve Annually
Between 2011 and 2019, reported breaches ranged from four to twelve annually.
2011: Cryptocurrency Market Retraction
In 2011, the cryptocurrency market experienced a period of retraction, including bubbles and market crashes.
August 2012: Peercoin Creation
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, was shut down. Following its closure, the number of prominent dark markets increased from four to twelve, and drug listings grew from 18,000 to 32,000.
2013: Cryptocurrency Market Retraction
In 2013, the cryptocurrency market experienced a period of retraction, including bubbles and market crashes.
February 2014: First Bitcoin ATM Launched in the US
In February 2014, Jordan Kelley, Robocoin's founder, introduced the first Bitcoin ATM in the United States, specifically in Austin, Texas. This ATM, similar to traditional bank ATMs, incorporates scanners for verifying user identities through government-issued IDs.
February 2014: Mt. Gox Declares Bankruptcy After Massive Bitcoin Loss
In February 2014, Mt. Gox, the world's largest bitcoin exchange, declared bankruptcy after claiming to have lost nearly 750,000 bitcoins, approximately 7% of all bitcoins in existence, worth $473 million, likely due to theft by hackers exploiting transaction malleability. The price of a bitcoin fell from about $1,160 in December to under $400 in February.
March 2014: IRS Rules Bitcoin as Property for Tax Purposes
On 25 March 2014, the United States Internal Revenue Service (IRS) classified bitcoin as property for tax purposes, subjecting virtual currencies to capital gains tax.
August 2014: UK Treasury Commissions Cryptocurrency Study
On 6 August 2014, the UK announced its Treasury had commissioned a study of cryptocurrencies and their potential role in the UK economy, along with whether regulation should be considered.
2014: Concerns Regarding Cryptocurrency Adoption
In 2014, Gareth Murphy, a senior banking officer, suggested that the widespread adoption of cryptocurrencies could lead to excessive money obfuscation, hindering economic analysis. Unlike traditional financial products, cryptocurrencies lack consumer protections against fraud.
2014: Garza Founded GAW Miners and ZenMiner
In 2014, Homero Josh Garza founded the cryptocurrency startups GAW Miners and ZenMiner. Garza's companies would later be acknowledged in a plea agreement to be part of a pyramid scheme.
2014: Cryptocurrency Market Retraction
In 2014, the cryptocurrency market experienced a period of retraction, including bubbles and market crashes.
September 2015: Establishment of Ledger Journal
In September 2015, the establishment of the peer-reviewed academic journal Ledger (ISSN 2379-5980) was announced. It covers studies of cryptocurrencies and related technologies, and is published by the University of Pittsburgh.
2015: Garza Pleaded Guilty to Wire Fraud
In 2015, Homero Josh Garza pleaded guilty to wire fraud due to Garza's cryptocurrency startups GAW Miners and ZenMiner being part of a pyramid scheme.
2016: Ethereum's Largest Following
According to the New York Times, Ethereum had the largest "following" of any altcoin in 2016.
September 2017: China Bans ICOs
In September 2017, China banned ICOs to prevent abnormal returns from cryptocurrency investments, causing an initial negative liquidity effect that turned positive after the news.
November 2017: Tether Hacked, Loses $31 Million in USDT
On 21 November 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 19 December 2017, Yapian, the owner of South Korean exchange Youbit, declared bankruptcy after suffering two hacks that year, granting customers access to 75% of their assets.
December 2017: Nicehash Hacked, Over $70 Million Stolen
On 7 December 2017, Slovenian cryptocurrency exchange Nicehash reported that hackers had stolen over $70 million using a hijacked company computer.
2017: Money Laundering Risk of Cryptoassets Assessed as Low
According to the UK 2017 national risk assessment, the risk of using cryptoassets like bitcoin for money laundering and terrorism financing was assessed as "low".
2017: Comparison of Cryptocurrencies to Economic Bubbles
In 2017, Howard Marks of Oaktree Capital Management compared digital currencies to economic bubbles, such as tulip mania (1637), the South Sea Bubble (1720), and the dot-com bubble (1999), citing a lack of intrinsic value.
2017: Bitcoin Price Manipulation
In 2017, a paper by John Griffin and Amin Shams found that the price of bitcoin was substantially inflated using Tether cryptocurrency.
2017: Increased Demand and Price Surge for GPUs
In 2017, an increase in cryptocurrency mining led to higher demand and prices for graphics cards (GPUs) such as Nvidia's GTX 1060 and GTX 1070 and AMD's RX 570 and RX 580, which doubled or tripled in price.
2017: Cryptocurrency Market Retraction
In 2017, the cryptocurrency market experienced a period of retraction, including bubbles and market crashes.
January 2018: Coincheck Hacked, $530 Million in Cryptocurrency Stolen
In January 2018, Japanese exchange Coincheck reported that hackers had stolen cryptocurrency worth $530 million.
February 2018: China Halts Virtual Currency Trading and Mining
As of February 2018, the Chinese government has halted trading of virtual currency, banned initial coin offerings, and shut down mining, prompting miners to relocate.
March 2018: Plattsburgh, NY Moratorium on Cryptocurrency Mining
In March 2018, the city of Plattsburgh, New York put an 18-month moratorium on all cryptocurrency mining to preserve resources and the city's character.
March 2018: Cryptocurrency Added to Merriam-Webster Dictionary
In March 2018, the word cryptocurrency was added to the Merriam-Webster Dictionary, marking its increased recognition.
May 2018: Bitcoin Gold Transactions Hijacked, $18 Million Lost
In May 2018, Bitcoin Gold had its transactions hijacked and abused by unknown hackers, resulting in exchanges losing an estimated $18 million. Bitcoin Gold was delisted from Bittrex after refusing to pay its share of the damages.
June 2018: Hydro Quebec Proposes Power Allocation for 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, Cryptocurrency Selloff Worsens
In June 2018, South Korean exchange Coinrail was hacked, resulting in the loss of over $37 million in crypto, which contributed to a cryptocurrency selloff of an additional $42 billion.
July 2018: Bancor Exchange Hacked, $23.5 Million in Crypto Stolen
On 9 July 2018, the exchange Bancor, which had previously been a subject of controversy, had $23.5 million in cryptocurrency stolen.
September 2018: Homero Josh Garza Sentenced to Prison for GAW Miners Pyramid Scheme
On 13 September 2018, Homero Josh Garza was sentenced to 21 months of imprisonment for founding cryptocurrency startups GAW Miners and ZenMiner, which were found to be part of a pyramid scheme. He pleaded guilty to wire fraud in 2015, and the SEC ordered him to pay $9.1 million plus interest.
November 2018: Bitcoin's Energy Consumption
By November 2018, bitcoin's annual energy consumption was estimated at 45.8TWh, generating 22.0 to 22.9 million tons of CO2.
2018: Switzerland Issues Legal Guidelines for ICOs
In 2018, a legislative ICO working group in Switzerland began issuing legal guidelines to clarify cryptocurrency offerings and promote sustainable business practices, responding to industry requests and aiming to balance innovation with investor protection.
2018: Increase in Crypto-Related Suicides After Market Crash
In 2018, an increase in crypto-related suicides was noted following the cryptocurrency market crash that occurred in August of that year. The situation was particularly critical in Korea.
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 due to the large mining cost, estimated at US$360 million per year.
2018: Bank for International Settlements' Criticisms of Cryptocurrencies
In 2018, the Bank for International Settlements released a report that criticized cryptocurrencies for their price instability, high energy consumption, variable transaction costs, poor security, fraud, vulnerability to debasement, and the influence of miners.
2018: UK Treasury Publishes Final Report on Cryptocurrencies
In 2018, the UK Treasury published its final report on cryptocurrencies, following a study commissioned in August 2014.
2018: Cryptocurrency Market Retraction
In 2018, the cryptocurrency market experienced a period of retraction, including bubbles and market crashes.
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.
2019: FINMA Issues Guidance to VASPs
In 2019, FINMA, the Swiss regulator, issued guidance to VASPs, following the FATF's Recommendation 16 with stricter requirements including verifying the identity of the beneficiary of the transfer.
2019: Over a Billion Dollars Worth of Cryptoassets Was Reported Stolen
In 2019, more than a billion dollars worth of cryptoassets was reported stolen.
2019: Wash Trading on Cryptocurrency Exchanges
In 2019, studies revealed widespread wash trading in crypto-trading, potentially manipulating prices and artificially inflating volume. One study estimated that up to 80% of trades on unregulated exchanges could be wash trades, while a Bitwise Asset Management report claimed 95% of reported Bitcoin trading volume was artificially generated.
May 2020: Publication of IVMS 101 Messaging Standards
In May 2020, the Joint Working Group on interVASP Messaging Standards published "IVMS 101", aiming to create a universal common language for communicating originator and beneficiary information between VASPs. The FATF and financial regulators were kept informed during the development of the data model.
June 2020: FATF Updates Guidance to Include 'Travel Rule' for Cryptocurrencies
In June 2020, the FATF updated its guidance to include the "Travel Rule" for cryptocurrencies, which mandates that VASPs 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), which aimed to create a comprehensive 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, intended for relaying data between VASPs and identity services, remained unfinalized and unratified by the three global standard setting bodies that created it.
2020: EU Report Finds Hundreds of Millions Lost in Crypto Exchange Breaches
A 2020 EU report revealed that users lost crypto-assets worth hundreds of millions of US dollars due to security breaches at exchanges and storage providers. Between 2011 and 2019, reported breaches ranged from four to twelve annually, with over a billion dollars worth of cryptoassets stolen in 2019.
2020: Privacy Attacks on Cryptocurrencies
A 2020 study presented different attacks on privacy in cryptocurrencies, demonstrating how the anonymity techniques are not sufficient safeguards.
2020: US Attorney General's Cyber-Digital Task Force Identifies Illicit Cryptocurrency Uses
According to a 2020 report by the United States Attorney General's Cyber-Digital Task Force, the majority of illicit cryptocurrency uses fall into categories such as financial transactions associated with crimes, money laundering, and crimes directly implicating the cryptocurrency marketplace. The report emphasized the need to address these risks for cryptocurrency to realize its transformative potential.
2020: UK Assesses Money Laundering Risk of Cryptoassets as Medium
According to the UK 2020 national risk assessment, the risk of using cryptoassets like bitcoin for money laundering and terrorism financing was assessed as "medium," a rise from "low" in the 2017 report.
2020: Arbitrage Opportunities in Crypto Marketplaces
As of 2020, it was possible to arbitrage to find the difference in price across several crypto marketplaces.
2020: Hydra Dark Web Marketplace Facilitating Money Flow
In 2020, Chainalysis reported that the dark web marketplace Hydra, powered by cryptocurrency, facilitated over $1 billion in sales, channeling dark money into Russia. The platform requires cryptocurrency liquidation through specific regional exchanges, complicating tracing efforts.
2020: Altcoins Described
In 2020, Paul Vigna of The Wall Street Journal described altcoins as "alternative versions of Bitcoin".
2020: RenBridge Laundering Crypto
In 2020, RenBridge, an unregulated alternative for blockchain transfers, was found to have laundered at least $540 million since 2020, and used in a cyberattack on the Liquid exchange.
January 2021: UK Requires Cryptocurrency Firms to Register with FCA
As of 10 January 2021, all cryptocurrency firms operating in the UK market must 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, highlighting scams related to cryptocurrency in South Africa.
January 2021: UK Issues Consultation on Cryptoassets and Stablecoins
In January 2021, the UK issued a consultation on cryptoassets and stablecoins, continuing its regulatory exploration that began with a study in August 2014.
February 2021: BNY Mellon to Offer Cryptocurrency Services
On 11 February 2021, BNY Mellon announced it would begin offering cryptocurrency services to its clients.
March 2021: South Korea Implements New Digital Asset Oversight Legislation
In March 2021, South Korea implemented new legislation strengthening oversight of digital assets, requiring digital asset managers, providers, and exchanges to register with the Korea Financial Intelligence Unit to operate in South Korea.
March 2021: Morgan Stanley to Offer Bitcoin Funds
On 17 March 2021, Morgan Stanley became the first major Wall Street bank to offer access to Bitcoin funds for wealthy clients with an aggressive risk tolerance.
April 2021: Africrypt Founders Disappear with $3.8 Billion in Bitcoin
In April 2021, the founders of the African-based cryptocurrency exchange Africrypt, Raees Cajee and Ameer Cajee, disappeared with $3.8 billion worth of bitcoin.
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 that the annual power demand is on a scale equivalent to a housing estate.
May 2021: China Bans Financial Institutions from Providing Cryptocurrency Services
On 18 May 2021, China prohibited financial institutions and payment companies from providing services related to cryptocurrency transactions, resulting in a significant drop in the prices of major proof-of-work cryptocurrencies. Bitcoin fell 31%, Ethereum 44%, Binance Coin 32% and Dogecoin 30%.
May 2021: Treasury to Require Reporting of Cryptocurrency Transfers over $10,000
On 20 May 2021, the Department of the Treasury announced it would require reporting to the Internal Revenue Service (IRS) for cryptocurrency transfers of $10,000 or more, due to concerns about illegal activities like tax evasion. This initiative aimed to enhance compliance and increase penalties for tax evasion.
June 2021: Cryptocurrency Offered in US 401(k)s
By June 2021, some wealth managers in the US started offering cryptocurrency options within 401(k) retirement plans.
June 2021: China's Ban on Bitcoin Mining
In June 2021, China forced out bitcoin operations due to concerns over power usage. As a result, the United States emerged as the top global leader in bitcoin mining.
June 2021: El Salvador Adopts Bitcoin as Legal Tender
In June 2021, El Salvador became the first country to accept bitcoin as legal tender, after a vote by the Legislative Assembly.
June 2021: UK Financial Watchdog Demands Binance Cease Regulated Activities
On 27 June 2021, the UK's financial watchdog demanded that Binance, the world's largest cryptocurrency exchange, cease all regulated activities in the UK.
June 2021: Basel Committee Proposes Strict Capital Coverage for Banks Holding Cryptocurrency Assets
On June 10, 2021, the Basel Committee on Banking Supervision proposed that banks holding cryptocurrency assets must set aside capital to cover all potential losses, a stricter standard than for other assets. This is still a proposal.
July 2021: Senator Warren Demands Answers on Cryptocurrency Regulation
In July 2021, Senator Elizabeth Warren, a member of the Senate Banking Committee, requested answers from the SEC chairman regarding cryptocurrency regulation due to increased use and potential consumer risks.
August 2021: Cuba Recognizes and Regulates Cryptocurrencies
In August 2021, Cuba recognized and regulated cryptocurrencies such as bitcoin through Resolution 215.
August 2021: SEC Chairman Calls for Cryptocurrency Legislation
In August 2021, SEC Chairman Gary Gensler responded to Senator Warren's letter, advocating for legislation focused on crypto trading, lending, and DeFi platforms to protect investors and address unregistered securities and stablecoin concerns.
September 2021: China Declares All Cryptocurrency Transactions Illegal
In September 2021, China declared all cryptocurrency transactions illegal, completing a crackdown on cryptocurrency that had previously banned the operation of intermediaries and miners within China.
October 2021: Mastercard and Bakkt Cryptocurrency Platform
In October 2021, Mastercard announced its collaboration with digital asset manager Bakkt on a platform allowing any bank or merchant on the Mastercard network to offer cryptocurrency services.
October 2021: Bitcoin Systemic Risk
In October 2021, a National Bureau of Economic Research paper revealed that bitcoin suffers from systemic risk, with the top 10,000 addresses controlling approximately one-third of all bitcoin in circulation. Miners were also highly concentrated, with 0.01% controlling 50% of the capacity.
October 2021: First Bitcoin-Linked ETF Starts Trading
On 19 October 2021, the first bitcoin-linked exchange-traded fund (ETF) from ProShares, under the ticker "BITO", began trading on the NYSE. ProShares CEO Michael L. Sapir stated that the ETF would expose bitcoin to a wider range of investors without the need for cryptocurrency provider accounts. Ian Balina, the CEO of Token Metrics, saw the SEC approval as a significant endorsement for the crypto industry.
December 2021: Monkey Kingdom Loses $1.3 Million in Cryptocurrency via Phishing Link
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: Cryptocurrency Market Value Peaks
At the end of 2021, the total value of all cryptocurrencies reached $2 trillion, before halving nine months later.
2021: Illicit Activities Made Up Only 0.15% of Crypto Transactions
Blockchain analysis company Chainalysis concluded that illicit activities like cybercrime, money laundering, and terrorism financing made up only 0.15% of all crypto transactions conducted in 2021, representing a total of $14 billion.
2021: Bitcoin's Carbon Footprint
By the end of 2021, bitcoin was estimated to produce 65.4 million tons of CO2, and consume between 91 and 177 terawatt-hours annually.
2021: Cryptocurrency Businesses Under Suspicion in Moscow
In 2021, Bloomberg and the New York Times reported that Federation Tower in Moscow houses cryptocurrency businesses suspected of money laundering, including Garantex, Eggchange, Cashbank, Buy-Bitcoin, Tetchange, and Bitzlato. Suex was sanctioned by the U.S. in 2021, and Bitzlato's founder was arrested on money-laundering charges.
2021: Kazakhstan Becomes 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: Definition of Altcoins
In 2021, a Polytechnic University of Catalonia thesis described altcoins as every cryptocurrency other than bitcoin.
2021: Ransomware Revenue Linked to Russia
In 2021, almost 74% of ransomware revenue, exceeding $400 million in cryptocurrency, was linked to software strains likely affiliated with Russia, where oversight is limited. Russians are also actively adopting cryptocurrencies due to the ruble's instability.
2021: Limited Awareness of Consumer Warnings
In 2021, research by the UK's financial regulator indicated that warnings against cryptocurrency risks were often unheard or ignored. Fewer than 1 in 10 potential buyers knew of warnings on the FCA website, and 12% of users were unaware their holdings lacked statutory compensation.
2021: Varying Global Legal Status of Cryptocurrencies
In 2021, the legal status of cryptocurrencies differed significantly among countries, with some allowing use and trade, while others imposed bans or restrictions. According to the Library of Congress in 2021, 9 countries had an "absolute ban," and 39 countries or regions had an "implicit ban."
2021: Backlash Against Bitcoin Donations
In 2021, there was a backlash against donations in bitcoin due to environmental emissions. Some agencies stopped accepting bitcoin, and Greenpeace USA stopped accepting bitcoin donations after seven years.
January 2022: IMF Seeks Coordinated Approach to Cryptocurrency Supervision
In a January 2022 interview, Tobias Adrian of the IMF stated the organization's aim for a coordinated, consistent, and comprehensive approach to supervising cryptocurrencies, emphasizing the need for global regulations to maintain financial stability while harnessing technological innovations.
February 2022: Department of Justice Appoints First Director of National Cryptocurrency Enforcement Team
In February 2022, the Department of Justice appointed Eun Young Choi as the first director of a National Cryptocurrency Enforcement Team, tasked with identifying and addressing the misuse of cryptocurrencies and other digital assets.
March 2022: Biden Issues Executive Order on Cryptocurrency
On 9 March 2022, President Biden issued an executive order aimed at developing regulations for the cryptocurrency industry, balancing the need to foster innovation with the commitment to prevent illegal cryptocurrency transactions.
April 2022: Virgil Griffith Sentenced for Cryptocurrency Conference
In April 2022, Virgil Griffith was sentenced to five years in prison in the U.S. for attending a Pyongyang cryptocurrency conference and presenting on blockchains that could be used for sanctions evasion.
May 2022: Cryptocurrency Prices Plunge Amid Inflation Warnings
In May 2022, cryptocurrency prices experienced significant volatility, with Bitcoin losing 20% of its value, Ethereum losing 26%, and Solana and Cardano losing 41% and 35% respectively, over one week. These declines were attributed to rising concerns about inflation.
May 2022: Collapse of Luna Currency Leads to Suicidal Investors
In May 2022, the collapse of the Luna currency, operated by Terra, resulted in reports of investors in crypto-related subreddits considering suicide.
May 2022: Terra's Stablecoin UST Fell
On 11 May 2022, Terra's stablecoin UST fell from $1 to 26 cents, leading to the failure of Terraform Labs and nearly $40B losses invested in Terra and Luna coins.
June 2022: Bill Gates Comments on Cryptocurrency
In June 2022, Bill Gates stated that cryptocurrencies are "100% based on greater fool theory".
July 2022: Treasury's Framework for International Engagement on Digital Assets
The Department of the Treasury released the Framework for International Engagement on Digital Assets on 7 July 2022, to support development of cryptocurrencies and restrict their illegal use.
September 2022: Interpol Red Notice Requested for 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 crash of Terra's stablecoin UST in May 2022.
September 2022: Ethereum's "the Merge"
On 15 September 2022, Ethereum transitioned its consensus mechanism from proof-of-work (PoW) to proof-of-stake (PoS) in an upgrade process known as "the Merge".
September 2022: Comprehensive Framework for Responsible Development of Digital Assets Released
On 16 September 2022, the Comprehensive Framework for Responsible Development of Digital Assets was released to support cryptocurrency development and restrict illegal uses, marking a significant regulatory milestone.
November 2022: FTX Files for Bankruptcy
On 11 November 2022, FTX Trading Ltd., a cryptocurrency exchange valued at $18 billion, filed for bankruptcy, leading to widespread financial impact and calls for regulatory intervention to protect crypto investors.
2022: RenBridge Laundering Crypto
In 2022, RenBridge, an unregulated alternative for blockchain transfers, was found to have laundered at least $540 million since 2020, and used in a cyberattack on the Liquid exchange.
2022: Ukraine Raises Aid Through Cryptocurrency
In 2022, the Ukrainian government successfully raised over US$10,000,000 in aid through cryptocurrency in response to the 2022 Russian invasion of Ukraine.
2022: Cryptocurrency Market Changes
In early 2022, only four of the top 10 cryptocurrencies from January 2018 remained in that position, while the total value of all cryptocurrencies had halved from $2 trillion at the end of 2021.
February 2023: SEC Rules Kraken's Staking Program Illegal
In February 2023, the SEC determined that Kraken's $42 billion in staked assets operated as an illegal securities seller. Kraken agreed to a $30 million settlement and ceased 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 23 March 2023, the SEC issued an alert to investors, warning that firms offering crypto asset securities might not be complying with US laws and might lack important information.
June 2023: Cryptocurrency Market Growth
As of June 2023, the cryptocurrency market contained over 25,000 cryptocurrencies, with over 40 having a market capitalization exceeding $1 billion, indicating significant growth and diversification.
November 2, 2023: Sam Bankman-Fried Found Guilty on Seven Counts of Fraud
On November 2, 2023, Sam Bankman-Fried was pronounced guilty on seven counts of fraud related to FTX.
2023: IMF Working Paper on Crypto Mining Emissions
A 2023 IMF working paper found that crypto mining could generate 450 million tons of CO2 emissions by 2027.
2023: Hong Kong Stablecoin Regulatory Framework
In 2023, Hong Kong is shaping the expected regulatory framework for stablecoins.
2023: LiteBit Ceases 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 Market Retraction
In 2023, the cryptocurrency market experienced a period of retraction, including bubbles and market crashes.
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 for fraud related to FTX.
April 2024: Cook Islands Considers "Tainted Cryptocurrency Recovery Bill"
In April 2024, TVNZ's 1News reported that the Cook Islands government was considering the "Tainted Cryptocurrency Recovery Bill," drafted by lawyers for US debt collection company Drumcliffe, which would allow "recovery agents" to use methods including hacking to recover cryptocurrency linked to illegal activities. The bill was criticised as potentially unconstitutional with conflict of interest.
May 2024: US Congress Advances Digital Asset Regulatory Bill
In May 2024, the US Congress advanced a bill, the Financial Innovation and Technology for the 21st Century Act, to provide regulatory clarity for digital assets, defining responsibilities between the CFTC and SEC. Stablecoins are excluded from regulation except for fraud.
June 2024: EU's MiCA Regulation on Stablecoins 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: Incoming Labour Government to Regulate Cryptoassets
In November 2024, the incoming Labour government in the UK confirmed it will proceed with the regulation of cryptoassets.
December 2024: MiCA Regulation for Crypto-Assets Enters Into Force
As of 30 December 2024, the remainder of the EU's Markets in Crypto-Assets (MiCA) regulation came into force, covering crypto-assets other than ART and EMT and CASPs.
January 2025: ESMA Issues Guidance for CASPs on Non-Compliant ARTs and EMTs
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 and related document
On 23 January 2025, President Donald Trump signed Executive Order 14178, Strengthening American Leadership in Digital Financial Technology revoking Executive Order 14067 of 9 March 2022, Ensuring Responsible Development of Digital Assets and the Department of the Treasury's Framework for International Engagement on Digital Assets of 7 July 2022. In addition the order 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: End of Transition Period for Non-Compliant ARTs and EMTs
Crypto-asset service providers (CASPs) can maintain crypto-asset services for non-compliant ARTs and EMTs until the end of March 2025.
2026: New UK Cryptoasset Requirements Expected
In 2026, the UK is expected to implement new requirements for cryptoassets.
2027: Projected CO2 Emissions from Crypto Mining
By 2027, crypto mining could generate 450 million tons of CO2 emissions, accounting for 0.7 percent of global emissions, or 1.2 percent of the world total.
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