Crypto Community Reacts to Bitcoin and Ethereum Price Drop with Memes and Apologies

Bitcoin and ethereum prices both dropped significantly in 2022, leading to a wild implosion of terra’s dollar-pegged ust and a historic collapse of the ftx exchange. do kwon, the ceo of terraform labs, and el salvador’s president nayyib bukele disregarded the international monetary fund’s warnings, while sam bankman-fried, the disgraced founder of a former crypto empire, faced criminal charges for the collapse of the exchange. charles hoskinson, creator of cardano, and bitcoin analysts dylan leclair and shaan puri all shared memes in response to the situation.

Crypto community had moved on to promoting inflation-protecting i bonds from the us government by thanksgiving. bankman-fried eventually broke his silence with several twitter threads, apologizing for the mass calamity he had caused and was released on a $250 million bond. matthew graham, ceo of sino global capital, added his own memes to the mix in reaction to the global market cap decline.

Collapse of ftx was caused by the high token allocation given to developers and private investors, which put off investors from newcomer blockchain aptos. changpeng “cz” zhao offered to acquire the exchange in response to the liquidity issues, and the meme culture of the crypto world was in full swing. bankman-fried was charged with eight criminal charges related to the collapse of the exchange and its ties with a trading firm. he is due back in court in early january.

By Evey Lovelace

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