In the world of cryptocurrency, risks are everywhere, and even the most experienced players can hardly predict all the changes. Here, let’s talk about those jaw-dropping “black swan” events, which all remind us that everyone is equal in the face of risks, and risk control is always on the way.
Mentougou Earthquake
Back in 2014, there was a Bitcoin exchange called MTGOX, which was once the industry leader. But in February of that year, it was attacked by hackers, and 850,000 Bitcoins disappeared, which was equivalent to 7% of the total global Bitcoin at the time. This "earthquake" directly caused the Bitcoin price to plunge by 80%, and also plunged the entire crypto market into a crisis of trust.
9.4 Storm
On September 4, 2017, a notice from the Chinese mainland regulator made ICO (initial coin offering) an illegal activity. As soon as the news came out, the token market collapsed instantly, and Bitcoin also plummeted by 32%. Overnight, countless people in the cryptocurrency circle suffered heavy losses, and 160 million assets were wiped out. It was truly an unforgettable dark moment.
3.12 Crash Shock
On March 12, 2020, Bitcoin experienced another shocking plunge. The pandemic was raging and the global economy was in turmoil. Investors thought Bitcoin was a safe haven, but it fell from $7,900 to $3,780, losing more than half of its value in two days. It seems that being a safe haven asset is not that easy.
5.19 Night
On May 19, 2021, Bitcoin suffered another heavy blow. The central bank and the three major financial industry associations jointly spoke out to crack down on virtual currency transactions. Although the market was relatively calm that day, by the evening, Bitcoin still failed to hold up, sliding from $44,000 to $29,000, a drop of more than 30%.
The Fall of Luna
Next, let’s talk about Luna, a public chain ecosystem created by Korean Do Kwon. In this ecosystem, Luna and UST played a game of “you increase, I decrease”. But in May 2022, the game could no longer be played. The big players began to sell UST, the price of Luna plummeted, and UST completely lost its peg to the US dollar. In the end, Luna almost returned to zero, and the Terra public chain also stopped. This crisis also shook the decentralized finance (DeFi) field.
FTX’s Collapse
Finally, we have to mention the FTX incident at the end of 2022. This once glorious exchange ranked second and received investment from large institutions such as Sequoia and Temasek. But unexpectedly, its internal management was chaotic and it misappropriated customer funds at will. At the end of November, FTX collapsed, and the price of Bitcoin was hit hard again, falling from $60,000 to around $15,000, a drop of 75%. This crisis made the entire crypto market tremble.
In short, the world of cryptocurrency is full of unknowns and risks. In the face of these "black swan" events, all we can do is stay vigilant and be prepared for risk control. After all, in this world, there are no eternal winners, only survivors who keep learning and adapting.#币安Alpha项目公布 #加密用户突破1800万 #币安HODLer空投CAT、PENGU #BTC☀ #ETH🔥🔥🔥🔥
