| | The fifth episode of the CMC 50 is out! Today, Connor and Molly Jane are counting down from 22 to 16 in our rundown of 2022's biggest crypto stories. You can find us on Apple Podcasts, Spotify and Google Podcasts. And you can also change the rankings of the CMC 50 by voting through our interactive list! |
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| | In between all of the bankruptcies and the hacks, there have been plenty of controversies engulfing the crypto space. We've had squabbles, cock-ups and no end of very questionable decisions. But to put a (slightly) positive spin on 2022, it wouldn't be the same without all of this chaos — and when you move fast, it's inevitable you'll break things. Here's a look at some of the biggest controversies of the year. |  | 1. Greenpeace rocks the boat. The environmental charity caused a stir by suggesting Bitcoiners "Change the Code, Not the Climate" — and follow Ethereum's lead with a move to a Proof-of-Stake algorithm. This didn't go down well, with some accusing Greenpeace of naivety and lacking understanding of why Proof-of-Work matters.
2. Celebrities feel the heat over crypto endorsements. Kim Kardashian ended up paying a $1.26 million fine to the SEC, but saw down a lawsuit brought by aggrieved EthereumMax investors. And A-listers who helped promote FTX — Larry David, Tom Brady and Naomi Osaka — now have legal headaches of their own to contend with.
3. Tornado Cash sanctions cause a storm. The U.S. faced considerable backlash when it imposed new restrictions on one of the world's most-used mixing services. Officials said this was driven by concerns that Tornado Cash was a national security threat, with North Korean hackers using it to launder stolen crypto.
|  | 4. Bitcoin helps power the Freedom Convoy movement. Truckers in Canada took to the streets of the capital in protest against COVID-19 vaccine mandates. They were blocked from GoFundMe after raising millions of dollars, and so turned to Bitcoin. Crypto exchanges ended up facing pressure from police to block addresses involved.
5. The war in Ukraine raises some very tricky issues. The West moved quickly to impose economic sanctions on Russia — with many major businesses shutting up shop in the country. But many crypto exchanges were reluctant to follow suit, warning that it goes against the libertarian values that the industry was built upon.
6. Kyle Roche falls victim to candid camera. A mysterious website called Crypto Leaks published a series of secretly recorded videos featuring the Roche Freedman lawyer. He was heard calling juries "idiots" — and boasted of suing half the companies in the industry. Months later, Roche stepped down from the law firm he helped found.
7. Coinbase's reverse ferret ruffles feathers. At the start of the year, Coinbase was boasting about plans to hire 2,000 more staff. Just four months later, it cut 18% of its workforce — and rescinded the job offers of talented professionals who were about to join. Brian Armstrong admitted that his exchange had simply grown too fast.
|  | 8. Craig Wright keeps on suing. He won just £1 from Peter McCormack in nominal damages after a court in London concluded that he was not a witness of truth. And Holdonaut ended up smelling of roses after winning a high-stakes trial in Norway, with a judge concluding that tweets where he called Wright a "scammer" were lawful.
9. Were politicians and regulators too close to SBF? When Maxine Waters politely invited Sam Bankman-Fried to testify before Congress on Twitter, she was inundated with photos of them arm in arm, smiling to the camera. And Joe Biden's coming under pressure to return $5 million of campaign donations he received from FTX's founder.
10. It's not cool being called the "FTX Arena" anymore. Miami Heat's stadium was rebranded in a nine-figure deal — but these days, being named after an exchange accused of serious malfeasance doesn't go down well. Awkwardly, it's a 19-year contract — and negotiations are underway to help the venue wriggle out of it.
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