The cryptocurrency circle surged forward, but always suddenly tumbled off the peak. Those 'black swans' that tore apart the market not only rewrote the industry landscape but also inscribed bloody warnings on the countless corpses. Reviewing six major tragic events is only to inject a dose of awakening amidst the madness: how to survive in a devastating storm?
1. The collapse in Mentougou in 2014: the complete shattering of the foundation of trust.
Time: February 2014
Once a dominant force controlling 70% of global Bitcoin transactions, in one night, 850,000 Bitcoins (7% of total global supply) were drained by hackers! Trust evaporated, and the price plunged by 80%—this is not only the largest theft in history but also the first nuclear explosion of the faith foundation in the entire cryptocurrency circle.
2. The '9.4' cold wave in 2017: rapid freezing under the regulatory iron fist.
Time: September 4, 2017
China struck hard with simultaneous bans on ICOs and the withdrawal of exchanges. In an instant, $1 trillion in market value evaporated by 80%! Countless air coins turned to dust. '9.4' announced in the coldest way: policies are always the sword of Damocles hanging over the cryptocurrency circle.
3. The '3·12' massacre in 2020: a bloodbath in the cryptocurrency circle amidst global panic.
Time: March 12, 2020
The COVID-19 pandemic triggered a global financial avalanche, and the cryptocurrency circle was not spared. Bitcoin halved in a single day, and Ethereum plunged into the abyss of $80! 'Black Thursday' proved with bloody facts: the cryptocurrency circle is by no means an island; when systemic global risks strike, cryptocurrencies will be the first to be sacrificed.
4. The '5·19' meat grinder in 2021: the collective graveyard of 600,000 contract gamblers.
Time: May 19, 2021
Policy winds are alarming, and giants are exiting the market. Bitcoin leads mainstream currencies in free fall. In 24 hours, 600,000 accounts in the contract market faced bloodshed, and $40 billion in wealth vanished! This tragedy is a hellish alarm: leverage is not a ladder to heaven, but a guillotine.
5. The annihilation of LUNA/UST in 2022: the doomsday collapse of the algorithmic stablecoin myth.
Time: May 2022
The LUNA and UST algorithmic stability mechanism, hailed as a 'model of innovation', instantaneously collapsed under extreme pressure. UST wildly depegged, LUNA fell to zero, and $40 billion evaporated into thin air! This not only severely impacted the DeFi ecosystem but also completely tore apart the 'algorithmic stablecoin' emperor's new clothes.
6. The fall of the FTX empire in 2022: the complete overthrow of the centralized shrine.
Time: November 2022
FTX, the giant wearing the 'Wall Street halo', exploded overnight. A black hole of $10 billion in funds was exposed, the founder was imprisoned, and the industry faced a chain collapse! The downfall of FTX far exceeds the platform itself; it represents the complete destruction of the centralized trust system in the cryptocurrency circle, and no one can call themselves 'too big to fail' anymore.
📌 The next storm may already be on the way, and no one can predict when it will arrive. The market shows no mercy; only those who maintain reverence can survive.
