Another year in the crypto space has nearly passed. As usual, Twitter has been a hotbed of crypto-related conversation during the turbulent year. From Terra’s collapse and the whole situation with FTX to Elon Musk’s takeover of Twitter, 2022 has played out like a television drama, keeping people on the edge of their seats.
Tweets can act like time capsules from the past, offering up memories or documenting particular historical points.
Here are 10 memorable tweets from 2022.
The Terra collapse
The crypto space suffered several blows this year, and among them was the collapse of the Terra project. Terra started 2022 as a prevalent project in the crypto industry, with its LUNA asset sitting in the top 10 cryptocurrencies by market capitalization at the start of the year.
In May, however, the project crumbled, fueled by the fact that its related stablecoin, TerraUSD (UST), completely lost its peg to the U.S. dollar. Although the year included many tweets related to the spectacle, the one below from the project’s head documents part of the series of events.
4/ A review of the current situation: UST is currently trading at 50 cents, a significant deviation from its intended peg at $1.
— Do Kwon (@stablekwon) May 11, 2022
Twitter’s new Dogecoin-focused owner
Tesla CEO Musk has dabbled in the crypto space at times, frequently expressing his interest in Dogecoin (DOGE). In October, he bought Twitter, named himself its CEO and proceeded to enact significant changes to the company. Crypto exchange Binance has invested in Musk’s Twitter, putting $500 million toward the social media giant.
the bird is freed
— Elon Musk (@elonmusk) October 28, 2022
Three Arrows Capital falls
Another significant company that went down was Three Arrows Capital, or 3AC. Once a multibillion-dollar hedge fund, 3AC filed for bankruptcy in July, seemingly affected in part by the fall of Terra.
Over the course of the year, contagion has reared its head as a significant factor in the crypto space. When one company made a splash in a negative way, the ripple effects were often felt by other players.
We are in the process of communicating with relevant parties and fully committed to working this out
— Zhu Su (@zhusu) June 15, 2022
FTX, yet another major player in the crypto space, also fell apart in 2022. Led by former CEO Sam “SBF” Bankman-Fried, the crypto exchange wound up in a position where it did not have enough funds to pay out those it owed.