As 2023 comes to a close, it’s time to look back at this year’s major cryptocurrency events, including high-profile arrests and regulatory wins. With its fair share of ups and downs, the crypto landscape has continued to evolve, creating new challenges and opportunities. Let’s embrace the Christmas spirit and take a stroll through the most notable cryptocurrency events of 2023.
As 2023 comes to a close, it’s time to look back at this year’s major cryptocurrency events, including high-profile arrests and regulatory wins. With its fair share of ups and downs, the crypto landscape has continued to evolve, creating new challenges and opportunities. Let’s embrace the Christmas spirit and take a stroll through the most notable cryptocurrency events of 2023.
10. PayPal launches its own stablecoin (August)
Starting our countdown at number ten, PayPal launched its own stablecoin, PayPal USD (PYUSD), marking a significant step in its cryptocurrency journey since it first got involved in the space in 2020. Pegged to the dollar American and issued by Paxos Trust, PYUSD aims to improve the adoption of digital tokens for payments. This launch followed previous initiatives by PayPal, including allowing US customers to buy, sell and hold select cryptocurrencies and use them for payments at global merchants.
9. Bill Gates rejects Web3 (January)
At number nine, Bill Gates expressed skepticism about Web3 and cryptocurrencies, arguing that AI is a more significant technological change. Gates, known for his cautious stance on cryptocurrencies, advised against investing heavily in trends like Web3 and metaverse. Recalling the dot-com bubble, he emphasized the potential long-term impact of new technologies, which may not be immediately evident. Gates’ comments in January align with his previous critical views on cryptocurrencies and NFTs, focusing on issues such as Bitcoin’s high energy consumption.
8. The decoupling of USDC (March)
In eighth place is the unpegging of the USDC stablecoin from its $1 to $1 value in March, a significant event in the stablecoin space that underscored the fragility of digital currencies amid traditional banking disruptions. This decoupling, with values falling as much as 94 cents on Kraken, was attributed to the fallout from the collapse of Silicon Valley Bank. Concerns arose because an undisclosed portion of USDC cash reserves were held at the bankrupt bank.
7. Do Kwon imprisoned (March)
In March, South Korean officials confirmed the arrest of Terra founder Do Kwon in Montenegro. This followed the collapse of the TerraUSD stablecoin and the Luna token. Seoul prosecutors issued an arrest warrant and Kwon was on Interpol’s red notice. Despite his claims of not hiding, it was discovered that Kwon had fled to Serbia.
6. The launch of Shibarium (August)
At number six, the Shiba Inu ecosystem expanded with the launch of Shibarium in August, a development that, despite initial challenges, showed the potential of Ethereum’s layer 2 networks to improve transaction efficiency.
Shibarium, an Ethereum Layer 2 network backed by SHIB tokens, aims to facilitate faster, more affordable, and private off-chain transactions while leveraging the security of the Ethereum blockchain.
The network launch was initially affected by software errors. After a rocky start, the Shibarium network experienced a remarkable recovery. The number of daily transactions and wallet addresses increased dramatically by the end of 2023, and the total number of transactions exceeded 200 million.
5. Sam Bankman-Fried is convicted (November)
Halfway through our countdown, Sam Bankman-Fried’s conviction in November on multiple criminal charges, including securities fraud and money laundering, marks an important moment of accountability in the cryptocurrency exchange sector.
Prosecutors showed that he and his top lieutenants secretly diverted billions of dollars in FTX client assets to Alameda Research, a private trading company he also controlled. The trial revealed Bankman-Fried’s manipulation of funds for personal and political gain, which contrasts sharply with his public persona. He faces decades in prison.
4. BlackRock Files for Spot Bitcoin ETF (July)
Moving up to number four, BlackRock’s filing for a spot Bitcoin ETF set a precedent in the asset management industry, signaling the growing acceptance of cryptocurrencies among major financial institutions.
This development from such a major company has created a realistic possibility of the SEC approving such an ETF. The action has set a precedent and encouraged other companies to follow suit. The SEC is widely expected to approve a spot Bitcoin ETF in early January.
3. Bitcoin (BTC) price nears $45,000 (December)
One of the biggest developments in the world of cryptocurrencies in 2023 has been the notable increase in the value of Bitcoin, with an increase of 157.06%. This rally was highlighted when Bitcoin surpassed the important milestone of $44,000, marking a substantial rally and attracting considerable attention from investors and analysts in the cryptocurrency market. This achievement not only underscores Bitcoin’s resilience and its continued relevance in the digital currency space.
2. The fall of CZ (November)
Second, Changpeng Zhao’s decision to resign and plead guilty to violations of US anti-money laundering law marked the end of an entire era. This decision was part of a major agreement to protect the cryptocurrency giant. Binance agreed to admit criminal misconduct and pay a $4.3 billion fine to resolve criminal and civil charges.
1. Ripple wins SEC lawsuit (July)
Ripple’s major legal victory over the SEC in July headlined our countdown to 2023. US District Judge Analisa Torres decided that Ripple Labs Inc’s sale of XRP tokens on public exchanges did not violate federal securities law. This was a groundbreaking victory for Ripple and the cryptocurrency industry as a whole.
This legal victory for Ripple has had a significant impact, leading to XRP being relisted on several cryptocurrency exchanges.
The court not only rejected the regulator’s motion for an interlocutory appeal, but also dropped charges against Ripple executives Brad Garlinghouse and Chris Larsen.
Let’s look forward to 2024 with anticipation and with the wisdom gained last year. Happy holidays and a prosperous new year to the crypto community!