### 1. Mt. Gox Incident
- **Background**: Mt. Gox was the largest Bitcoin trading platform in the world before 2013, handling most of the Bitcoin trading volume.
- **Incident**: In February 2014, Mt. Gox claimed it lost approximately 850,000 Bitcoins (valued at about $473 million at the time). Part of the lost Bitcoins were due to software vulnerabilities in the system, and part were due to hacking.
- **Impact**: Mt. Gox declared bankruptcy, leading to a plunge in Bitcoin prices to 2012 levels, severely damaging market confidence. This incident also sparked extensive discussions on the security and regulation of Bitcoin trading platforms.
### 2. September 4 Incident
- **Background**: ICOs (Initial Coin Offerings) were extremely popular in 2017, with China's ICO market accounting for a large portion of the global market.
- **Incident**: On September 4, 2017, the People's Bank of China and six other ministries issued a notice prohibiting ICOs and required the cessation of trading activities involving virtual currencies such as Bitcoin. This move was to control financial risks.
- **Impact**: After the announcement, Bitcoin prices dropped from nearly $5,000 to below $3,000, causing significant losses for many investors and spreading panic in the market. Although China's ban had a substantial impact on global prices, it also prompted exchanges to relocate abroad and increased cryptocurrency market activities in other countries.
### 3. LUNA/UST Collapse
- **Background**: Terra is a blockchain-based payment and financial application platform, UST is its stablecoin pegged to the US dollar, and LUNA is its native token.
- **Incident**: In 2022, UST lost its peg to the US dollar, leading to massive short-selling and sell-offs. The price of LUNA rapidly fell from over $100 to nearly zero, resulting in the collapse of the Terra ecosystem.
- **Impact**: This incident prompted profound reflections on the design of algorithmic stablecoins and the risks of DeFi (decentralized finance) projects, causing significant losses for many investors.
### 4. March 12 Incident
- **Background**: In early 2020, the COVID-19 pandemic began to spread globally, affecting financial markets.
- **Incident**: On March 12, due to a global stock market crash and liquidity issues, Bitcoin and other cryptocurrencies experienced sharp price drops, with Bitcoin prices briefly falling below $4,000.
- **Impact**: This was one of the largest single-day declines in Bitcoin history, with many investors using high leverage facing liquidation. The incident also demonstrated the cryptocurrency market's sensitivity to the global financial environment.
### 5. Hacking and Security Vulnerabilities
- **Background**: The anonymity and irreversibility of cryptocurrencies make them targets for hackers.
- **Incident**:
- **DAO Attack in 2016**: Led to the Ethereum community forking into Ethereum Classic (ETC).
- **Poly Network Hack (2021)**: Stolen amount exceeded $600 million.
- **Ronin Network Bridge Attack (2022)**: Losses of approximately $625 million.
- **Impact**: These incidents highlighted security vulnerabilities in blockchain technology and smart contracts, leading to higher demands for security and auditing.
It seems that there haven't been any particularly significant black swan events in this bull market so far. Do you think there will be any black swan events in this bull market?
