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Dec. 1 (Reuters) – 2022 has been a tough year for the cryptocurrency industry. The price of Bitcoin has fallen 65% since the beginning of the year, the Luna cryptocurrency has completely collapsed in value, and the cryptocurrency exchange FTX went bankrupt after purchasing Super Bowl advertising.
Several cryptocurrencies have gone bust over the years, often due to scams, mismanagement, or market fluctuations. Notable examples include:
1. BitConnect: Once a popular lending platform, it was exposed as a Ponzi scheme and collapsed in 2018.
2. Terra (LUNA): In 2022, the collapse of its algorithmic stablecoin, UST, led to a significant drop in value for LUNA.
3. Mt. Gox: While not a cryptocurrency itself, the exchange was one of the largest for Bitcoin trading before it was hacked in 2014, leading to the loss of hundreds of thousands of Bitcoins.
These examples highlight the risks associated with investing in cryptocurrencies.