In the crypto world, where fortunes rise and fall, unexpected black swans can lead many to lose everything. Reviewing a few deeply etched tragedies serves as both a warning and a cost of growth.
1. The Collapse of Mt. Gox (Early 2014): The Trust Foundation Shattered
At that time, the once-thriving Bitcoin exchange Mt. Gox suddenly made headlines with a shocking revelation: hackers had stolen nearly 850,000 Bitcoins! This was no small amount, equivalent to nearly 70% of the circulating Bitcoins at that time! Upon hearing the news, the entire community was stunned, and Bitcoin's price plummeted like a free fall (an 80% drop). This was not just about lost money; it shattered the community's trust in exchanges and market security. It was a wake-up call for everyone: the safest places can also be the most dangerous.
2. The 9.4 Regulatory Storm (Fall 2017): A Frost Under Heavy Policy Strikes
During the bull market of 2017, many dreamed of getting rich. However, in early September, a harsh regulatory document came down from above, instantly freezing the entire market like a bucket of ice water. In just a few days, the entire cryptocurrency market's value shrank by 80%! Countless people's digital wealth vanished before their eyes. This lesson is unforgettable: no matter how wild the crypto world may be, it cannot escape the controlling hand of policy.
3. The Global Stampede on March 12 (Spring 2020): A Market Meltdown under the Black Swan of the Pandemic
In March 2020, the COVID-19 pandemic swept the globe, causing even traditional financial markets to collapse, and the cryptocurrency sector was even more brutal. Ethereum (ETH), then firmly in second place, saw its price plummet to below $80! It felt like watching your house’s foundation being washed away by a flood, with prices crashing down. The market showed no rationality, and panic spread like a plague. Although it proved to have survived in hindsight, the unpredictability and fragility of that moment left lingering fears.
4. The Leverage Disaster on May 19 (Summer 2021): A Collective Graveyard for Contract Players
May 19, 2021, was a nightmarish day for contract players. The market suddenly fluctuated violently without warning, as if being ruthlessly kneaded by an invisible hand. The result? Over 600,000 contract accounts were liquidated overnight! The scene was tragic; countless people's fortunes vanished in those few candlesticks. This bloody reality once again warns: leverage is a double-edged sword; misuse can lead to digging your own grave.
5. The Fall of the LUNA Empire (Spring 2022): The Collapse of the Algorithmic Stablecoin Myth
In 2022, the new darling of the crypto world, LUNA, and its stablecoin UST, were thriving, claiming to be as stable as a mountain through algorithms. What happened? A sudden death spiral caused this algorithmic myth to collapse. The price of LUNA nearly went to zero, and UST severely decoupled. This was not only a disaster for LUNA, but it also dragged the entire decentralized finance (DeFi) space into the abyss, triggering a series of chain reactions. It burst the bubble of 'algorithm omnipotence' and reminded everyone: no matter how sophisticated the design, it can be overwhelmed by market insanity and human panic.
6. The Collapse of the FTX Dynasty (End of 2022): A Tsunami of Trust as Giants Fall
If Mt. Gox represented the initial trust crisis of exchanges, then the collapse of FTX at the end of 2022 was a nuclear-level disaster. This giant, regarded as an industry benchmark with deep backgrounds, was exposed for severe financial holes and misappropriation of user funds, declaring bankruptcy within days. The entire market was stunned: if even the too big to fail can fail, who can we trust? The tsunami of trust triggered by this crisis was deeper and broader than ever before, casting a thick shadow over the entire industry.
Respect the market, and you will achieve longevity.
Although the market seems calmer over the past two years, these bloody lessons hang over us like the sword of Damocles. The crypto world is enticing with opportunities, but black swans can appear at any time. To navigate this space, courage alone is not enough; one must always remain vigilant and hold a sense of respect for the market. Remembering these past tumbles will help you walk more steadily in this unpredictable arena.
If you currently feel helpless or confused while trading in the crypto world, I hope my sharing can provide you with some inspiration and help! Follow me to avoid getting lost; Lao Zhao will give you a head start and create an information gap with others!
#比特币巨鲸动向 $BTC
