The cryptocurrency world surged forward wildly but always suddenly fell off the cliff at its peak. Those 'black swans' that tore apart the market not only rewrote the industry landscape but also left bloody warnings on heaps of corpses. Reviewing six tragic events, just to inject a dose of sobriety amidst madness: how to survive in a destructive storm?
1. The 2014 Mentougou Collapse: The Complete Shattering of Trust in the Foundation
Time: February 2014
Once the dominant player, controlling 70% of global Bitcoin trading. In one night, 850,000 Bitcoins (7% of the global total) were drained by hackers! Trust turned to ashes, and the price of coins plummeted by 80%—this was not only the largest theft in history but also the first nuclear explosion at the foundation of faith in the entire cryptocurrency world.
2. The '9.4' Cold Wave of 2017: Rapid Freezing Under Regulatory Iron Fist
Time: September 4, 2017
China strikes hard, with simultaneous ICO bans and exchange delisting orders. In an instant, 80% of a trillion market value evaporated! Countless worthless coins turned to dust. '9.4' declares in the coldest manner: policy is always the Damocles' sword hanging over the cryptocurrency world.
3. The '3.12' Bloodbath of 2020: A Massacre in the Cryptocurrency World Amid Global Panic
Time: March 12, 2020
The COVID-19 pandemic triggered a global financial avalanche, and the cryptocurrency world was not spared. Bitcoin halved in a single day, and Ethereum plunged into the abyss at 80 dollars! 'Black Thursday' demonstrated with bloody facts: the cryptocurrency world is by no means an island; when global systemic risks strike, cryptocurrencies will be the first to be sacrificed.
4. The '5.19' Meat Grinder of 2021: The Collective Graveyard of 600,000 Contract Gamblers
Time: May 19, 2021
With policy winds howling, giants dumped their holdings and exited. Bitcoin led mainstream coins into free fall. In 24 hours, 600,000 accounts bled in the contract market, and 40 billion in wealth evaporated! This tragedy served as 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 Algorithmic Stablecoin Myths
Time: May 2022
Hailed as a 'Model of Innovation', the LUNA and UST algorithmic stablecoin mechanism collapsed instantly under extreme pressure. UST went into a free fall, LUNA plummeted to zero, and 40 billion dollars turned to ashes! This not only severely impacted the DeFi ecosystem but also completely tore apart the 'emperor's new clothes' of algorithmic stablecoins.
6. The Fall of the FTX Empire in 2022: The Complete Overthrow of the Centralized Altar
Time: November 2022
With the 'Wall Street Halo', the giant FTX collapsed overnight. A black hole of 10 billion funds was exposed, the founder was imprisoned, and the industry fell into a chain reaction of collapse! The demise of FTX goes far beyond the platform itself; it represents the complete shattering of the centralized trust system in the cryptocurrency world, and no one can claim to be '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 knows no mercy; only those who remain in awe will survive.
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