Varadha Balaji S

As 2022 drew to a close the outlook was bleak for the cryptocurrency business. One of its best know firms, FTX, had collapsed with $8bn (£6.3bn) of customer funds unaccounted for. In March of 2024, the company's co-founder Sam Bankman-Fried received a 25-year jail sentence for defrauding customers and investors. The scandal rattled confidence in the whole sector. It seemed that cryptocurrencies would remain a niche product, with an enthusiastic but relatively limited following.