Five Major Black Swan Events in the Crypto World:
01. Mentougou Incident
In February 2014, the Mentougou incident was considered one of the most severe events in the history of the crypto world. At that time, the world's largest Bitcoin exchange suffered a hacker attack, losing nearly 850,000 Bitcoins, accounting for 7% of the total global Bitcoin supply. This incident not only led to an 80% plunge in Bitcoin but also triggered a crisis of trust in the crypto market.
02. 94 Incident
On September 4, 2017, the central bank and seven ministries defined ICOs (Initial Coin Offerings) as illegal public financing without approval. The announcement stated that ICOs were suspected of illegally issuing token vouchers, illegally issuing securities, and illegally raising funds, severely disrupting the economic and financial order.
After the announcement, exchange tokens experienced a cliff-like drop, with various tokens falling below their issuance prices, Bitcoin plummeting by 32%, and 100,000 people in the crypto world evaporating 160 million assets overnight, marking a dark moment.
03. 312 Incident
On March 12, 2020, data showed that Bitcoin fell from around $7,900 to around $4,410, and on March 13, it reached a dark moment, dropping to around $3,780, with a maximum decline exceeding 50% over two days. At that time, the global economy was impacted by the pandemic, and the U.S. stock market was also crashing.
04. 519 Incident
On May 18, 2021, the central bank issued a statement, and the three major associations in the financial industry announced that providing virtual currency trading services was suspected of engaging in illegal financial activities. There was no significant drop that day, but on the night of May 19, Bitcoin fell from around $44,000 to around $29,000, with a decline of 34%.
05. Luna Black Swan Event
UST and Luna have a "dual destruction and minting" relationship.
In May 2022, many large holders began to sell UST, causing the price of Luna to plummet by more than 90%, and UST completely de-pegged, falling to $0.6. On May 12, Luna continued to plummet by 99%, almost reaching zero, and UST's price fell below $0.2. On May 13, numerous exchanges delisted Luna and suspended trading, and the Terra public chain went offline.
What cannot kill you will only make you stronger! The current sentiment in the crypto market is high, with a flourishing atmosphere. Wishing everyone wealth freedom in this bull market!
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