💸 𝗪𝗼𝗿𝘀𝗲 𝗧𝗵𝗮𝗻 𝗙𝗧𝗫!! 𝗧𝗵𝗲𝘀𝗲 𝗮𝗿𝗲 𝘁𝗵𝗲 𝟱 𝗕𝗶𝗴𝗴𝗲𝘀𝘁 𝗕𝗮𝗻𝗸𝗿𝘂𝗽𝘁𝗰𝗶𝗲𝘀 𝗶𝗻 𝗛𝗶𝘀𝘁𝗼𝗿𝘆
1. Mt. Gox (2014):
Once a Bitcoin behemoth, Mt. Gox's epic downfall began with a cyber attack in 2011, escalating into a 2014 hack that drained a staggering 850,000 Bitcoins. Despite recovery efforts, many investors were left high and dry.
2. Quadriga (2019):
A tragic twist of fate hit QuadrigaCX as CEO Gerald Cotten's sudden demise left $190 million inaccessible. With the sole key holder gone, the exchange crumbled, freezing accounts and sparking heated debates in the crypto sphere.
3. FTX (2022):
The 2022 bear market rocked FTX to its core. A report exposing Alameda Research's debt triggered a cascade of events, leading to a $9 billion deficit, leaving over a million creditors in limbo. Risky investments and customer fund usage played a pivotal role in this crypto giant's downfall.
4. Three Arrows Capital (2022):
Riding high with $10 billion in assets, Three Arrows Capital faced a liquidity crisis in the 2022 bear market. A $3.5 billion debt and the collapse of UST contributed to its downfall, impacting major crypto players like Blockchain.com, Genesis, and Voyager Digital.
5. Genesis (2023):
Once a crypto lending titan, Genesis succumbed to the aftermath of a challenging 2022. FTX's collapse and 3AC's bankruptcy caused losses exceeding $175 million, leading to bankruptcy in January 2023. Despite ongoing operations, redemption demands remained unmet.
💡 Lessons learned: Crypto companies aren't invincible. Stay informed, stay vigilant! 💪📉
