Five Major Black Swan Events in the Cryptocurrency World:

1. Mentougou Incident

In February 2014, the Mentougou incident was considered one of the most serious events in the history of cryptocurrency. At that time, the world's largest Bitcoin exchange was hacked, losing nearly 850,000 Bitcoins, accounting for 7% of the total global Bitcoin supply. This incident not only caused Bitcoin to plummet by 80%, but also triggered a crisis of trust in the crypto market.

2. 94 Incident

On September 4, 2017, the central bank and seven ministries defined ICO (Initial Coin Offering) as an unauthorized and illegal public financing activity. The announcement stated that ICOs were suspected of illegal token sales, illegal securities issuance, and illegal fundraising, 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 dropping by 32%, and 100,000 people in the crypto space losing 160 million in assets overnight, marking a dark moment.

3. 312 Incident

On March 12, 2020, data showed that Bitcoin dropped from around $7,900 to about $4,410, and on March 13, it faced a dark moment, falling to around $3,780, with a maximum drop of over 50% in two days. At that time, the global economy was affected by the pandemic, and the U.S. stock market was also crashing.

4. 519 Incident

On May 18, 2021, the central bank issued a document, 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 major drop that day, but on the night of May 19, Bitcoin dropped from around $44,000 to about $29,000, a decline of 34%.

5. Luna Black Swan Incident

UST and Luna have a "dual destruction and minting" relationship.

In May 2022, many large holders began to sell UST, causing Luna's price to plummet by over 90%, and UST completely depegged, falling to $0.6. On May 12, Luna continued to plummet by 99%, nearly going to zero, with UST's price falling below $0.2. On May 13, many exchanges delisted Luna and suspended trading, and the Terra public chain went offline.

What cannot kill you will make you stronger! The market sentiment in the cryptocurrency space is high, with a hundred flowers blooming. I wish everyone can achieve financial freedom in this bull market!

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