Rand Hindi, the CEO of Zama, an Ethereum-based privacy protocol, has described the ongoing cryptocurrency downturn as the most severe bear market the industry has ever faced. In a post on X, Hindi, who has been active in the crypto space since 2013, stated that this decline surpasses previous crises in terms of its psychological and structural impact on the market.

Comparing Past and Present Crises

Hindi argued that earlier events, such as China’s ban on Bitcoin, the collapses of FTX and Terra (LUNA), the Mt. Gox hack, and regulatory actions by former U.S. SEC Chairman Gary Gensler, were not as disheartening as the current situation. He pointed to a new and unique threat: the ability of artificial intelligence to attack smart…