Crypto is a land of opportunity—but also a graveyard of failed projects, lost fortunes, and broken promises. From massive exchange collapses to billion-dollar exploits, here’s a quick rundown of the most infamous moments in Web3 history.
💥 Exchange Collapses & Ponzi Blowups
1. Mt. Gox (2014)
The first major centralized exchange collapse. 850,000 BTC vanished. Still one of crypto’s darkest chapters.
2. Bitconnect (2016–2018)
Disguised as a “lending platform,” it promised absurd returns. Spoiler: it was a Ponzi. Investors lost everything.
3. QuadrigaCX (2019)
Canada’s largest exchange mysteriously lost $250M when the founder allegedly died—with the only access to the funds.
4. Terra / LUNA Crash (2022)
UST depegged, LUNA hyper-inflated, and $60B+ evaporated. Triggered a DeFi contagion.
5. FTX (2022)
The Sam Bankman-Fried empire turned out to be a black hole of user funds. $8B gone. Criminal charges followed.
6. 3AC, Celsius, Voyager, BlockFi (2022)
After LUNA and FTX fell, a domino effect took out major lenders and funds. Billions more lost.
7. Pump.fun? (2025)
A new contender for shady token launches? Time will tell—but red flags are flying.
🔓 Legendary Hacks & Exploits
1. The DAO Hack (2016)
A smart contract flaw drained $60M from Ethereum’s first major DAO. It led to the ETH/ETC split.
2. Parity Wallet Freeze (2017)
500,000 ETH was accidentally locked forever due to a bug. Still unrecoverable.
3. Ronin Bridge Hack (2022)
North Korea-linked hackers exploited Axie Infinity’s bridge for $625M. Biggest DeFi hack ever.
4. Wormhole Hack (2022)
$320M gone from a Solana-Ethereum bridge. Another reminder: bridges are risky.
5. Bybit Hack? (2025) / North Korean Lazarus Group
The Bybit hack of February 2025 stands as the largest cryptocurrency theft to date, with attackers stealing approximately $1.5 billion worth of digital assets from the exchange.
6. SUI Hack
On May 22, 2025, Cetus Protocol, the largest decentralized exchange (DEX) and liquidity provider on the Sui network, suffered a major exploit resulting in the loss of over $220 million in assets.
7. Coinbase Hack
On May 11, 2025, the attackers demanded a $20 million ransom, threatening to release the stolen data. Coinbase refused to pay and instead offered a $20 million bounty for information leading to the perpetrators’ arrest. The company estimates the breach could cost between $180 million and $400 million in remediation and reimbursement expenses.
🧪 Manipulation & Market Games
1. Tether (USDT) Drama
Long-running questions about backing and transparency. Critics claim it manipulates markets—still unresolved.
2. Wash Trading
Many centralized and decentralized platforms inflate volumes using bots or fake trades.
3. Influencer Pump & Dumps
Hyped tokens, insider trading, quick rug pulls. The influencer era hasn’t been kind to retail.
🎭 Exit Scams & Rug Pulls
1. Silk Road Shutdown (2013)
Darknet pioneer funded by Bitcoin. The FBI seized thousands of BTC during the takedown.
2. OneCoin (2014–2017)
A $4B pyramid scheme disguised as a crypto. The “Cryptoqueen” behind it is still missing.
3. PlusToken (2019)
Another massive Ponzi—mostly in Asia. $2B+ exit scam, with long-lasting impacts.
4. AnubisDAO (2021)
Raised $60M, then disappeared in <24 hours. Classic DeFi rug pull.
5. NFT & DeFi Rugs (2021–2023)
Anonymous teams, fake roadmaps, disappearing Discords. The bull run bred scams fast.
6. SOL Memecoins Rugs
Like $LIBRA - $TRUMP - $MOONPIG
🧠 Final Thought
Crypto is still evolving. These events don’t mean the space is doomed—but they do remind us that trust, transparency, and caution are non-negotiable.
Learn from the past, protect your funds, and don’t get blinded by hype.
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