The cryptocurrency market has experienced a significant decline in the past 24 hours, with major tokens dropping by over 20%. This comes amidst regulatory actions against major exchanges and cyber-crime charges against two Russian nationals in connection with the 2011 hack of the Mt. Gox crypto exchange, once the world’s largest.

The US Department of Justice has charged Alexey Bilyuchenko and Aleksandr Verner with allegedly gaining illegal access to Mt. Gox servers and stealing users’ data and private keys. The indictment alleges that almost 650,000 Bitcoins were funneled from the exchange’s wallets between 2011 and 2014, with at least 300,000 of those coins going to the now-defunct BTC-e, one of the primary methods of laundering cybercriminals’ earnings.

The decline in the cryptocurrency market also follows the US Securities and Exchange Commission’s (SEC) lawsuit against crypto exchanges Binance and Coinbase, which identified 13 tokens as securities. Robinhood has now ended support for certain tokens, and crypto-tracked futures have seen nearly $300 million in liquidations. Tokens affected include SOL, MATIC, and ADA, which fell as much as 25%, while BNB, DOGE, and XRP fell over 11%. Bitcoin and ether also experienced declines.

The tokens named in the SEC lawsuits, Cardano, Solana, and Polygon, suffered the worst declines. Other factors contributing to the decline include Robinhood delisting Solana, Cardano, and Polygon from its platform, Crypto.com suspending its institutional investment services in the US, and Binance reportedly dumping $4.4 billion in crypto assets in recent weeks.

Despite the steep decline in the cryptocurrency market, there are indications that wealthy investors are still interested in cryptocurrency. An increase in the supply of Tether, the largest stablecoin by market capitalization, suggests that some investors are trading their cryptocurrencies for stablecoins, a more stable alternative.

While some analysts predict a potential rebound for the market, others are cautious due to the technical implications of the drop below key long-term support levels. As the regulatory landscape continues to evolve, and cyber-crime remains a threat, the cryptocurrency market may face continued volatility in the months ahead.