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The debacle surrounding the rapid and spectacular failure of FTX was, unfortunately, not isolated, and part of a series of failures which beset the cryptocurrency industry in 2022. Cryptocurrency’s rapid loss of value has been widely publicized: between November 2021 and June 2022, the value of Bitcoin fell by 70%, from approximately US$68,000 to US$20,000. This steep decline was largely due to a tightening monetary policy around the world, but was severely exacerbated by the failure of the Terra stablecoin, alternatively known as TerraUSD or UST. “It was from that, research that was really found. Wow. I don’t think I’ve ever come across a bigger potential technological innovation since the internet. Really, this is kind of the next evolution,” Knopp said.
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“Now you’ve got a lot of people that have this kind of black eye, I guess, because of FTX. But they’re also relating it to crypto,” Knopp said. Google Cloud customers using Security Command Center Premium that follow the program terms and conditions including Cryptomining Detection Best Practices are eligible to participate in the program. Please see the Cryptomining Protection Program Overview for more information and eligibility criteria. As always with cryptocurrencies, we recommend to do thorough research before investing and consider all vital factors involved. For instance, market cap as a metric doesn’t say much about actual trading volumes over the last couple of hours. Therefore it makes sense to also check Coinmarketcap for the 24-hour trading volume that a cryptocurrency has on different exchanges over a reasonable period and other essential criteria before investing.