I. 2014 Mt. Gox Incident (Hacking Attack)
• Event Overview: The world's largest Bitcoin exchange was hacked, with 850,000 Bitcoins stolen (accounting for 7% of the circulating supply at that time)
• Market Impact: Bitcoin plummeted 80% in one day, triggering the first global cryptocurrency trust crisis
• Subsequent Developments: The Tokyo District Court approved a compensation plan in 2021, expected to start payouts in 2024
II. 2017 "9.4" China Regulatory Storm
• Policy Background: Joint announcement by the People's Bank of China and seven ministries (on preventing risks of token issuance and financing)
• Market Reaction: Global cryptocurrency market cap evaporated by 80% in a week, with Bitcoin's daily drop exceeding 30%
• Industry Impact: Prompted exchanges to shift to overseas operations, accelerating the de-China process
III. 2020 "3.12" Global Liquidity Crisis
• Triggering Factors: The COVID-19 pandemic caused panic selling in global financial markets
• Extreme Market Conditions: Ethereum dropped from $200 to $80 within 24 hours, with record liquidations in the derivatives market
• Market Recovery: Became the starting point for the DeFi summer rally, with Ethereum rebounding over 10 times within 6 months
IV. 2021 "5.19" Leverage Liquidation Wave
• Event Trigger: China reaffirmed its ban on cryptocurrency trading + Tesla suspended Bitcoin payments
• Market Performance: Total liquidation amount exceeded $6 billion, with altcoins averaging a drop of over 50%
• Deep-seated Impact: Prompted exchanges to strengthen risk control and optimize derivatives structure
V. 2022 Terra/Luna Collapse Event
• Collapse Process: The algorithmic stablecoin UST losing its peg triggered a death spiral, with a market cap of $40 billion reduced to zero within a week
• Chain Reaction: Triggered a series of failures among institutions like Three Arrows Capital, halving DeFi locked value
• Regulatory Aftermath: Prompted multiple countries to accelerate the formulation of stablecoin regulatory frameworks
VI. 2022 FTX Collapse Event
• Event Nature: Exchange misappropriation of user assets + uncontrolled leverage leading to liquidity crisis
• Impact Scope: Affected over one million users, related tokens (such as SOL) plummeted over 90%
• Industry Transformation: Promoted Proof-of-Reserves as a new standard for exchanges
Historical Insights:
Black swan events occur on average every 18 months, showing cyclical characteristics
Exchanges/stablecoins/leverage products constitute three major sources of systemic risk
The degree of regulatory intervention is positively correlated with the impact of events
Each crisis leads to significant improvements in industry infrastructure
This market changes every day, you need to seize the right timing to act. If you're still too confused, you can follow me; I often share cutting-edge information and practical strategies. Feel free to discuss anytime and let's seize big opportunities together!
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