From terra to FTX, crypto has given different weird stories in 2022. At the same time, some investors have also seen the crypto industry sinking below the $1 trillion market capitalization mark but still stick to the bear market.
We have gathered two short but weird stories about the crypto industry, from the bankrupt company token to the old-crypto arguments. Everything is squeezed in a way that even the best fiction writer can’t dream about it.
Bitfinex Hack——Comedic rapper was charged for it
Bitfinex was said to face a significant security breach in 2016 in which about 119,756 stolen Bitcoins were worth approximately $72 million. Although Bitfinex continued to operate, its reputation was damaged in the upcoming years.
This year Federal Bureau of Investigation arrested Heather Morgan, famously known as Razzlekhan, who was detained with his husband, Ilya Lichtenstein. They were claimed to conspire to launder in the crypto bitfinex hack allegedly. However, the couple proclaimed their innocence when they appeared in the New York court and were released on multimillion-dollar bonds.
Do you know what the weird part of the story is? The detail is about Morgan working as a comedic rapper and social media influencer.
In 2019 Morgan and her husband were reported to travel to Ukraine, where they attain to make false identities with fake passports. It was also exposed that they have established financial accounts in Ukraine and Russia.
The head of global exchange at the crypto exchange said that it’s easy to track the flow of most of the funds moving on the blockchain network, and it is hard to hide this large amount of stolen funds.
Here let me make a clear point that the couple wasn’t charged to hack Bitfinex but were involved in laundering those stolen funds. This story has attracted many filmmakers. HULU produces even a true crime limited series, which is based on Morgan’s life.
4,000%—— CEL token of bankrupt Celsius network burst
After the crypto landing platform, the Celsius network filed for bankruptcy quickly. And the native coin of this Celsius network, called CEL, surged 4,100%. The price was $0.093, and it was near $4 high after just two months.
This surge spread a rumor that there may be a legal battle between US Securities and Exchange Commission, and they can take over Celsius assets. Moreover, there was a rumor that Goldman Sachs had planned to acquire Celsius for $2 billion.
The traders arranged a massive short squeeze. When the assets price suddenly goes down short squeeze is set to force the short sellers to buy all their assets again but at a higher price so they can close their positions. Significantly transfer of Celsius tokens was frozen, which reduced the circulation of the supply of CEL.
FTX traders have again pulled off a short squeeze as they haven’t fully understood the origin of the movement, and it is believed that Alameda’s research can be indirectly involved in it. The token has dropped again to $0.50, but still, traders are trying to CEL short squeeze going again.
Both stories mentioned above have declared how unpredictable the crypto industry can be during bear and bull markets. Every investor is enjoying a roller-coaster ride with various ups and downs they can’t forget.