The Coming 'Crypto Winter' Could Spell The End for the Digital Kleptocrats

2022 will be remembered as the year in which the Crypto Kings finally got found out, reports Matt Bernardini

Sipa US /  Marc Bruxelle / Alamy

The year 2022 will be remembered as marking the beginning of the crypto collapse, or the “crypto winter.” After peaking in November 2021, the crypto market suffered a devastating wipe-out, with $2.2 trillion of lost assets.

And as the industry has fallen, so too have some of the industries’ biggest titans.

Two major figures in the industry, who achieved fame and fortune on the backs of other people’s money, are now suspected of running massive scams. Sam Bankman-Fried, who founded the cryptocurrency exchange FTX, has now been arrested and seen his fortune evaporate, while Ruja Ignatova, who founded the fraudulent cryptocurrency scheme OneCoin, is now on the FBI’s ten most wanted list, as a global manhunt for her and the billions of dollars she made from her schemes continues.

This crypto winter has illustrated that the dangers of cryptocurrencies easily outweigh any of the promised benefits.

However, the collapse also offers an opportunity for governments to finally make good on their pledges to crack down on the dirty money that continues to swirl around some of the world’s remaining digital kleptocrats.