Relationship Health Knowledge value from links, not count · 2026-06-13 08:22 UTC
Every relationship is discovered from existing records (shared narrative,
shared entity, behavior, ownership, liquidity, flow, story, failure pattern) — no
invented links. Candidates are capped at confidence 59, and certainty is never forced.
Continuity across cycles raises confidence gradually.
98/100
Relationship intelligence score — interpretive, not numeric
Algorithmic peg without sufficient reserves ← Dependence on Anchor yield ← Pressure on the peg ← Bank run ← Depeg ← Inflationary Luna printing ← Twin collapse ← Sector-wide contagion
Confidence 90 · 9 sources · unknowns: The exact sequence of who initiated the first large withdrawal is still disputed
Anchor — the artificial 20% yield
Promise of a fixed 19.5% yield ← Yield subsidized from a depleting treasury ← Unsustainable deposit growth ← Reserve depletion ← Collapse alongside UST
Confidence 88 · 5 sources · unknowns: Did the team know sustainability was impossible from the start? Intent remains unresolved
UST depeg — the technical autopsy
Curve liquidity concentrated in a single pool ← Concentrated 150 million withdrawal ← 2% deviation ← Panic and spread ← Successive sell waves ← Full collapse below 10 cents
Confidence 87 · 1 sources · unknowns: The identity of those who executed the first large withdrawals has not been conclusively attributed
Luna Foundation Guard — failure of the defensive treasury
Amassing 3.5 billion dollars in Bitcoin as a reserve ← Deploying the reserve to defend the peg ← Selling the Bitcoin into a falling market ← Ammunition exhausted without saving the peg
Confidence 85 · 1 sources · unknowns: The path of part of the reserve after depletion was only partially documented
Three Arrows Capital (3AC) — leverage collapse
Massive leverage via unsecured loans from every lender ← Concentration in Terra and GBTC ← Terra loss ← Simultaneous margin calls ← Insolvency and court-ordered liquidation
Confidence 88 · 8 sources · unknowns: The full scale of the interlocking liabilities was not known until after the collapse
Celsius — the disguised shadow bank
Yield promises on deposits ← Speculation with customer funds ← Accumulating hidden losses ← Withdrawal freeze ← Chapter 11 bankruptcy
Confidence 88 · 10 sources · unknowns: The true balance-sheet gap months before the freeze — when did it actually begin?
Voyager — fatal concentration in a single borrower
Lending 650 million to Three Arrows Capital (3AC) alone ← Borrower default ← Liquidity crisis ← Freeze then bankruptcy
Confidence 86 · 7 sources · unknowns: Why did the risk committee exceed concentration limits? Internal documentation is sealed
FTX — organized fraud
Commingling customer funds with Alameda ← Balance-sheet hole covered by the FTT token ← Leak of Alameda's balance sheet ← A competitor announcing the sale of its holdings ← Bank run ← Withdrawal halt ← Bankruptcy and criminal conviction
Confidence 92 · 10 sources · unknowns: The full political and marketing flows remain under judicial tracing
Alameda — the arm that consumed the body
Secret preferential access to FTX liquidity ← Leverage on self-issued collateral ← Accumulated losses from 2021 ← Balance-sheet exposure ← The twin downfall
Confidence 90 · 5 sources · unknowns: The size of the hidden 2021 losses that started the spiral
FTT token — the phantom collateral
A platform token with thin liquidity ← Used as collateral for massive loans ← Holding concentration at the issuer ← A large announced sale ← Spiral collapse
Confidence 87 · 1 sources · unknowns: The true share of supply outside the group's hands at the moment of collapse
Genesis — institutional lender falls
Exposure to Three Arrows Capital (3AC) ← Exposure to FTX ← 1.2 billion gap ← Faltering parent-group support ← Freeze then bankruptcy
Confidence 85 · 10 sources · unknowns: Details of the internal arrangements with the parent company
BlockFi — the bailout that became a shackle
Losses from Three Arrows Capital (3AC) ← Accepting a rescue credit line from FTX ← Collapse of the rescuer itself ← Immediate bankruptcy
Confidence 85 · 7 sources · unknowns: The full undisclosed terms of the credit line
Mango Markets — governance oracle exploit
Pumping a low-liquidity token's price via concentrated buying ← Artificially inflating collateral ← Borrowing the entire treasury against it ← Public governance extortion
Confidence 86 · 2 sources · unknowns: A legal precedent still in the balance: manipulation or trading?
Mt. Gox — the foundational origin of collapses
Dominance of 70% of Bitcoin trading ← Silent breaches over years ← Loss of 850 thousand Bitcoin ← Halt and collapse
Confidence 88 · 8 sources · unknowns: The identity of the ultimate perpetrators has not been fully resolved in court
QuadrigaCX — the key that died with its holder
A sole founder holding all the keys ← A death announced in India ← Cold wallets empty to begin with ← Discovery of a Ponzi scheme
Confidence 84 · 7 sources · unknowns: The circumstances of the death itself remain the subject of documented doubt
BitConnect — the daily-yield Ponzi
Promise of 1% daily via a "trading bot" ← A pyramid referral system ← Regulatory cease orders ← 96% collapse in a day
Confidence 90 · 2 sources · unknowns: The main founder remains a fugitive as of the latest record
Silicon Valley Bank — USDC depeg
3.3 billion of Circle's reserve in a single bank ← A traditional bank run on the bank ← Bank closure ← Panic and depeg to 0.87 ← Federal intervention and peg restoration
Confidence 90 · 2 sources · unknowns: What if the Fed had not intervened? The true stress test was never completed
Curve liquidity crisis — the founder's loan collateralized by his token
A Vyper vulnerability strikes Curve pools ← Token decline ← A massive founder loan collateralized by the token itself ← Risk of a liquidation spiral ← Rescue via private deals
Confidence 84 · 2 sources · unknowns: The full terms of the private deals were not all published
Iron Finance — the first documented algorithmic bank run
A partially-collateralized peg ← Growth driven by absurd farming yield ← Whale selling ← Breaking of the redemption mechanism ← TITAN's collapse to effective zero
Confidence 83 · 5 sources · unknowns: Was it naive design or a deliberate exploit?
Nomad Bridge — the collective looting
A contract upgrade with an initialization error ← An empty proof being accepted ← Collective discovery of the vulnerability ← Open looting of 190 million by copy-paste
Confidence 86 · 1 sources · unknowns: Most small looters were never traced
Ronin Bridge — the five-validator breach
Only nine validators with a threshold of five ← Four held by a single company ← Social-engineering breach ← Signing a 625 million withdrawal ← Detection after 6 days
Confidence 88 · 8 sources · unknowns: The laundering path of a large part of the stolen funds
Wormhole — a forged signature worth 320 million
A signature-verification flaw in the Solana contract ← Minting wrapped Ethereum without backing ← Withdrawal of 120 thousand Ethereum ← Immediate bailout from the owner
Confidence 87 · 2 sources · unknowns: Part of the funds was later recovered by means never fully explained publicly
Multichain — the founder vanishing with the keys
The bridge keys held by the founder alone ← His arrest in China ← Opaque outflows of 1.5 billion ← Full halt and disappearance
Confidence 82 · 5 sources · unknowns: The nature of the final flows: seizure, exploit, or exit? A fundamental unknown
Euler — the exploit that was returned
A flaw in the donation function with no validity check ← A 197 million flash loan ← Public on-chain negotiations ← Near-complete return
Confidence 86 · 1 sources · unknowns: The exploiter's motives for the full return remain speculative
MIM crisis — collateral from a collapsed token
Accepting UST and fragile assets as collateral ← A co-founder's exposure to a position and its collapse ← Partial depeg panic ← A narrow escape followed by the Terra blow
Confidence 80 · 4 sources · unknowns: The final scale of bad debt across the cycles
Coincheck — NEM theft from a hot wallet
530 million NEM in a single hot wallet ← Without multisig ← Breach ← Full withdrawal ← Compensation from the company's capital
Confidence 85 · 1 sources · unknowns: The perpetrators' identity — suspicion of North Korean groups without conclusion
Zaif — repeated breach without remediation
Hot wallet breach ← 60 million theft ← The second Japanese incident in a single year ← Sale of the platform
Confidence 78 · 1 sources · unknowns: The technical details of the vulnerability were never fully published
Cryptopia — the death of a small exchange
A consecutive double breach ← Loss of private keys ← New Zealand court-ordered liquidation ← Years of distributions
Confidence 76 · 1 sources · unknowns: Part of the funds was never traced
Bitfinex — theft of 120 thousand Bitcoin
A flaw in the multisig setup with the custody partner ← Withdrawal of 120 thousand Bitcoin ← A 36% haircut on all customers ← Issuance of a debt token
Confidence 86 · 2 sources · unknowns: The split of technical responsibility between the two partners was never publicly resolved
NiceHash — breach of the mining platform
Compromise of an employee's computer ← Access to the payment wallet ← Theft of 4,700 Bitcoin ← Gradual compensation
Confidence 75 · 1 sources · unknowns: Attribution of the perpetrator (suspected North Korean) is unresolved
KuCoin — private-key breach
Leak of hot-wallet keys ← Withdrawal of 280 million ← Freezing via the issuers ← Recovery of most of it
Confidence 80 · 1 sources · unknowns: The details of the internal breach were never published
Liquid — a second major Japanese breach
Wallet breach ← 97 million theft ← A rescue loan from FTX ← Acquisition then the rescuer's predicament
Confidence 76 · 1 sources · unknowns: The fate of its customers' claims within the larger bankruptcy
BitMart — a single-key leak
Leak of a private key for two hot wallets ← Withdrawal of 196 million across hundreds of tokens ← Promised compensation
Confidence 74 · 1 sources · unknowns: Independent proof of full compensation
AscendEX — the leaked-keys pattern recurs
Hot wallet breach ← 77 million theft ← Declared compensation
A "trade mining" model distributing more than its revenue ← Massive fake volume ← A gap accumulating in secret ← The founder's admission of a 130 million shortfall
Confidence 78 · 1 sources · unknowns: Was it an operational shortfall or embezzlement? The founder claimed the former
Thodex — the Turkish founder's flight
Sudden withdrawal halt ← The founder fleeing with customer funds ← International pursuit ← Extradition and a symbolic 11-thousand-year sentence
Confidence 80 · 1 sources · unknowns: The true amount is disputed between 24 million and two billion dollars
Africrypt — the fugitive brothers
A claimed breach ← Alleged transfer of 3.6 billion rand ← Disappearance of the two founding brothers
Confidence 70 · 1 sources · unknowns: The actual versus alleged amount — a wide gap
Hodlnaut — the hidden Terra exposure
Public denial of exposure to Terra ← An actual 190 million loss in it ← Withdrawal freeze ← Singapore judicial management
Confidence 77 · 1 sources · unknowns: The internal exposure decisions and who made them
Babel Finance — speculation with customer funds
Losses on directional positions with customer funds ← Margin calls ← Freeze ← Collapse of the restructuring
Confidence 75 · 5 sources · unknowns: The scale of proprietary trading versus market losses
Vauld — the Asian lender contagion
Exposure to Terra and Three Arrows Capital (3AC) ← Mass withdrawals ← Freeze ← Singapore judicial protection
Confidence 74 · 5 sources · unknowns: The final gap to creditors
Zipmex — the Babel and Celsius contagion
Deposits placed with Babel and Celsius ← Collapse of the two intermediaries ← Freezing of the yield product ← Judicial management
A 2-of-5 multisig ← Compromise of two keys ← Withdrawal of 100 million ← Laundering via Tornado
Confidence 82 · 1 sources · unknowns: Why did the 2/5 threshold remain despite the warnings?
Qubit — the phantom deposit
A legacy deposit function that was never disabled ← A zero deposit being counted ← Minting of phantom collateral ← Draining the lending pool of 80 million
Special handling of a wrapped asset ← Bypassing the lock step ← Minting without backing ← Liquidation of 4.4 million and a local price collapse
Confidence 72 · 1 sources · unknowns: —
BNB Bridge — a forged proof and a chain halt
Forging a proof in the original chain's bridge ← Minting 2 million BNB ← Halting the entire chain in a coordinated way ← Limiting the damage to the 100 million that exited
Confidence 84 · 5 sources · unknowns: The paradox of the centralized halt saving the funds while exposing the centralization
Orbit Chain — the bloody New Year
Compromise of 7 of 10 signers ← Withdrawal of 81 million ← A link to the Klaytn ecosystem
Confidence 74 · 5 sources · unknowns: How were 7 keys compromised together?
HECO Bridge and HTX — the double November hole
A coordinated breach of the bridge and the exchange together ← Withdrawal of 87+30 million ← Declared compensation from the owner
Confidence 73 · 1 sources · unknowns: The structural relationship between the group's treasuries
Wintermute — the flawed vanity address
A vanity address generated with the Profanity tool ← The vulnerability of a derivable seed ← Key extraction ← Withdrawal of 160 million from the funding treasury
Confidence 83 · 1 sources · unknowns: The perpetrator was never attributed
Atomic Wallet — the self-custody massacre
An opaque breach of users' wallets ← Theft of 100 million from 5,500 wallets ← No full public technical explanation
Confidence 72 · 1 sources · unknowns: The technical root cause itself remains unknown — a rare case
Ledger Connect Kit — the supply-chain poison
Compromise of a former employee's NPM account ← Injection of malicious code into a front-end library ← Draining approvals across numerous apps for hours ← Rapid containment
Confidence 80 · 1 sources · unknowns: The full scope of the compromised accounts
Mixin — the cloud database
Breach of a cloud provider's database ← Access to hot keys ← Theft of 200 million ← Partial compensation in bonds
Confidence 73 · 1 sources · unknowns: The actual custody architecture before the breach
Ronin again 2024 — the accidental white hat
An upgrade that introduced a voting-threshold flaw ← An MEV bot withdrawing 12 million ahead of everyone ← Full return with a bounty
Confidence 75 · 1 sources · unknowns: —
The DAO — the original sin
Reentrancy in the split function ← Draining a third of the gathered Ethereum ← An existential debate ← A fork of the chain itself
Confidence 88 · 1 sources · unknowns: The exploiter's identity was discussed in later books without judicial resolution
Parity — who froze 500 thousand Ethereum?
An uninitialized multisig library ← A user becoming its owner by accident ← Self-destruct of the contract ← Permanent freezing of all wallets dependent on it
Confidence 85 · 1 sources · unknowns: The accidental "killer's" intent is generally accepted but unproven
bZx — the first flash-loan attacks
A massive flash loan ← Price manipulation via thin markets ← Borrowing against inflated collateral ← Attack repeated twice in one week
Confidence 82 · 1 sources · unknowns: —
Harvest — reaping the yield farmers
Flash loan moves Curve pool prices ← Vault entry and exit at a distorted price ← Repeated 30 times in minutes ← $24M drained
Bug in the distribution-contract upgrade ← $90M of COMP disbursed by mistake ← No emergency clawback authority ← Moral appeals
Confidence 79 · 1 sources · unknowns: —
Mirror — collapse of the mirrored assets
Mirrored stocks collateralized by UST ← Collateral collapse ← A concurrent Polkadot oracle vulnerability ← Double drain
Confidence 76 · 1 sources · unknowns: Losses to the oracle-vulnerability exploiters
Venus — liquidation of the trapped whale
Pumping a governance-token price on thin liquidity ← Maximum borrowing against it ← Price collapse ← $100M of bad debt
Confidence 75 · 1 sources · unknowns: Coordination of the pump — internal or external?
Solend — seizing the whale via governance
Concentrated whale threatens the protocol with catastrophic liquidation ← Governance proposal to take over his account ← Passed by a single-wallet majority ← Reversal under the storm
Confidence 78 · 1 sources · unknowns: —
Kyber — the most precise mathematical exploit
Fine engineering of concentrated-tick boundaries ← Tricking the curve at a boundary point ← $47M drained ← Arrogant demands from the exploiter
Malware on three developers' devices ← Blind signatures that appeared legitimate ← Contract replacement ← $53M drained
Confidence 78 · 4 sources · unknowns: Exactly how the malware was planted
Platypus — the fatal arbitrage
Flash loan ← Bug in the solvency check on withdrawal ← 9 million theft ← Swift French arrest
Confidence 74 · 1 sources · unknowns: The French legal precedent is still developing
Exactly — the deceived deposit bridge
Passing a fake market contract via the deposit intermediary ← Bypassing the permission check ← $7M stolen
Confidence 71 · 1 sources · unknowns: —
Sonne — the forty governance minutes
Upgrading markets via a time-lock ← Open execution window ← Injecting an empty market with the famous Compound rounding vulnerability ← 20 million theft
Confidence 73 · 1 sources · unknowns: —
Penpie — reentrancy in the rewards
Registering a malicious market ← Reentrancy on reward harvesting ← $27M stolen
Confidence 72 · 1 sources · unknowns: —
UwU — the fragile oracle legacy
Oracle reading from a manipulable curve ← Flash loan distorts the price ← 20 million theft ← Tied to a founder's burdened reputation
Confidence 71 · 1 sources · unknowns: —
Cashio — infinite mint with zero collateral
Incomplete validation of collateral accounts ← 2B units minted on fake collateral ← A Robin Hood message from the exploiter
Confidence 73 · 1 sources · unknowns: Identity and motives of the exploiter
Crema — forging the tick account
A forged tick-tree account ← Solana flash loans ← 9 million theft ← Return deal with a bounty
Confidence 71 · 1 sources · unknowns: —
Slope — seed phrases leaked to the server
Wallet sends seed phrases to a telemetry service ← Plaintext on centralized servers ← 8,000 Solana wallets drained
Confidence 76 · 1 sources · unknowns: Access scope to the leaked data before the exploit
Maple and Orthogonal — blind credit
Unsecured lending to trading desks ← Orthogonal hides its FTX losses ← $36M default ← Collapse of the trust model
Confidence 76 · 1 sources · unknowns: —
Neutrino — the ailing Waves stablecoin
Peg backed by the chain's own token ← Mutual manipulation accusations ← Repeated depeg ← Slow death
Fantastical monthly returns ← $1.5B in Bitcoin flows ← Collapse, flight, then arrest
Confidence 75 · 1 sources · unknowns: The full collection network
SafeMoon — the moon stolen from the inside
Sell fees collected as "locked" liquidity ← Upgrade privileges used to pull from it ← Federal charges against the founders ← A concurrent external exploit in 2023
Confidence 80 · 6 sources · unknowns: Distribution of the drained funds among the founders
WoToken — heir to PlusToken
Same structure as PlusToken ← An additional $1B ← Chinese sentences
Confidence 73 · 1 sources · unknowns: —
Celsius — the era of the internally propped token
Systematic insider buying to prop up the platform token ← Using it as collateral and compensation ← The propping exposed with bankruptcy
Confidence 78 · 1 sources · unknowns: —
Tornado Cash — buying governance by deception
A proposal with a hidden payload ← Granting the attacker full privileges ← Temporary control of governance ← Returned voluntarily after profiting
Confidence 76 · 1 sources · unknowns: —
Build Finance — full governance takeover
Quietly buying enough votes ← Passing an unlimited mint ← Draining the treasury and liquidity ← Death of the DAO
Confidence 75 · 1 sources · unknowns: —
Juno — seizing the whale by vote
A whale gaming the airdrop rules ← Network votes to confiscate his balance ← Confiscation executed via an upgrade ← A terrifying precedent for ownership
Confidence 77 · 1 sources · unknowns: —
Poly Network again — minting across 34 chains
Keys compromised two years after the first hack ← Phantom billions minted across 57 assets ← Limited actual liquidity capped the damage
Confidence 76 · 1 sources · unknowns: How did the keys stay fragile months after the first hack?
Vyper vulnerability — reentrancy returns
Vyper compiler bug in specific versions ← Reentrancy lock fails to work ← $70M drained from Curve pools ← Partial white-hat recovery
Confidence 84 · 5 sources · unknowns: Full range of affected versions at the time of the event
Balancer — the boostable-pools vulnerability
Vulnerability in specific pools ← Gradual exploit ← Partial drain despite prior warnings
Confidence 72 · 1 sources · unknowns: —
Fortress and Mixin — kindred cases
Cloud-based custody architecture ← External point of failure ← Centralized loss
Confidence 68 · 1 sources · unknowns: —
The public SafeMoon vulnerability
An upgrade broke the burn function ← the liquidity became lootable pool ← $8.9M exploit ← The exploiter returned 80% as a deal
A rounding vulnerability in deposits ← Gradual inflation ← $9.5M drained ← The exploiter lost part in a fake mixer
Confidence 68 · 1 sources · unknowns: —
Bybit — largest theft in history
Poisoning the cold-signing interface ← The signers trusted what they saw, not what they signed ← $1.5B in ETH transferred ← Immediate make-good from reserves and loans
Confidence 86 · 9 sources · unknowns: The full laundering trail is being traced
Infini — a former engineer with live keys
Contract privileges retained by a departed developer ← $49M drained ← The former-employee pattern
Confidence 66 · 1 sources · unknowns: —
LIBRA — a presidential memecoin that burns its audience
Launch with Argentine political promotion ← Internal concentration of supply ← $100M+ liquidity pulled ← 90% collapse within hours
Confidence 78 · 6 sources · unknowns: The full launcher network is in litigation
Meme factories — the systematic extraction pattern
Launchpads enabling thousands of tokens daily ← An overwhelming share die within days ← Latecomers' liquidity is the cycle's fuel
A broken price feed for a fiat currency ← An arbitrage bot accumulates paper billions ← Amicable recovery negotiation
Confidence 74 · 1 sources · unknowns: —
KuCoin — the federal plea
Charges of operating without a license ← Guilty plea and a $300M fine ← Exit from the U.S. market
Confidence 76 · 1 sources · unknowns: —
Binance — the $4B settlement
Admission of anti-money-laundering violations ← $4.3B fine ← Founder steps down from management and is later imprisoned ← External compliance monitoring
Confidence 88 · 7 sources · unknowns: The internal-monitoring details
Tornado — sanctions on code
U.S. sanctions on a smart contract ← Developer arrests ← The code-as-free-speech debate ← A later partial judicial reversal
Confidence 82 · 6 sources · unknowns: The ultimate benchmark for developer liability
Celsius — the clawback claims
Clawback claims against customers who withdrew before the freeze ← A legal shock to depositors ← Class settlements
Confidence 72 · 1 sources · unknowns: —
Luna 2 — the lackluster revival
A chain fork to rescue the ecosystem ← Compensatory distribution ← A continuous decline with no confidence
Confidence 74 · 1 sources · unknowns: —
Stablegains — the hidden third-party yield
A consumer savings product ← The funds were actually in Anchor/UST ← Collapse of the underlying ← Fraud lawsuits
Confidence 72 · 1 sources · unknowns: —
Degenbox — the looped UST leverage
A looped leverage strategy on UST ← Compounded yields with illusory safety ← Blowup with the peg
Confidence 76 · 1 sources · unknowns: —
Waves — the mutual manipulation accusations
A suspicious token rally ← Public mutual manipulation accusations ← Collapse and depeg of Neutrino
Confidence 70 · 5 sources · unknowns: The truth of the original manipulation
The forgotten minor attacks of 2022
A chain of small front-end and contract vulnerabilities ← Scattered losses ← Recurring patterns
Mint reflexivity with no floor ← Price touching effective zero ← Large holders burned publicly
Confidence 72 · 1 sources · unknowns: —
Proof-of-reserves gaps
Wave of proof-of-reserves after FTX ← Proof of assets without liabilities ← Auditor withdrawals
Confidence 74 · 1 sources · unknowns: —
Osmosis — the liquidity-ratio exploit
Bug in the add-liquidity calculation ← Withdrawing more than deposited ← Halting the chain ← Broad amicable recovery
Confidence 72 · 1 sources · unknowns: —
Rari first incident — before the merger
Integration vulnerability with an external protocol ← $11 million loss ← Governance-led compensation
Confidence 70 · 5 sources · unknowns: —
NuBits — the first algorithmic stablecoin to die
Peg backed by limited funds ← Sell pressure exceeding the defense ← Peg break with no final recovery
Confidence 72 · 1 sources · unknowns: —
Empty Set Dollar — the coupon spiral
Expansion via coupon incentives ← Contraction requiring new buyers ← Collapse of confidence and death of the peg
Confidence 70 · 5 sources · unknowns: —
Maker — Black Thursday
March crash chokes the network ← Liquidation auctions won at zero DAI ← $5.3 million shortfall and a debt auction
Confidence 84 · 1 sources · unknowns: —
GYEN — peg breaking upward
Major listing and thin liquidity ← Spike above the peg then reversion collapse ← Losses for buyers who thought it an investment
Confidence 74 · 1 sources · unknowns: —
TrueUSD — attestations without reassurance
Exposure to a distressed custodian ← Temporary halt of reserve attestations ← Anxiety and recurring slight de-pegs
Confidence 70 · 1 sources · unknowns: Identity of the actual controller over time
USDD — the Tron test
Post-Terra pressure ← Trading below the peg for weeks ← Reserve interventions announced opaquely
Confidence 68 · 1 sources · unknowns: Actual reserve composition in real time
agEUR — collateral trapped
Part of the collateral in Euler ← Euler hack freezes it ← De-peg until recovery
Confidence 76 · 5 sources · unknowns: —
sUSD — drift after the upgrade
Change of the collateral model ← Breakdown of the old peg incentives ← Drift below 0.9 for weeks
Confidence 66 · 1 sources · unknowns: Extent of full peg recovery
FDUSD — an accusation shakes the peg
Public accusation of issuer insolvency ← Sharp de-peg lasting hours ← Denial, audit and recovery
Confidence 66 · 1 sources · unknowns: The real background of the dispute
VAI — Venus's forgotten stablecoin
Minting without an effective peg mechanism ← Chronic trading below the dollar ← Long governance neglect
Confidence 64 · 1 sources · unknowns: —
Nirvana — minting via flash loan
Flash loan inflating the collateral ← Minting ANA and NIRV at a manipulated price ← Dump and 90% collapse
Confidence 72 · 1 sources · unknowns: —
VAI — the formation trap
Massive formation with complex incentives ← Sell penalties locking in users ← Weeks below the peg and collective anger
Confidence 76 · 1 sources · unknowns: —
fUSD — Fantom's lame stablecoin
Minting with volatile collateral ← Below the peg for most of its life ← Bad debt and later shutdown
Confidence 64 · 1 sources · unknowns: —
Tether — the New York settlement
Investigation into a hidden reserve gap ← $18.5 million settlement and a state ban ← Mandate for periodic disclosures
Confidence 80 · 1 sources · unknowns: Reserve quality over time
Bitstamp — phishing the hot wallet
Social engineering of an employee ← Hot wallet breach ← Theft of 19,000 Bitcoin
Confidence 78 · 1 sources · unknowns: —
Bter — the breached cold wallet
Alleged cold wallet breach ← Theft of 7,170 Bitcoin ← Partial compensation then withering
Confidence 66 · 1 sources · unknowns: The actual details of the breach
Cryptsy — the silenced insider theft
Early breach kept quiet for years ← Fractional-reserve operation ← Collapse and the founder's flight
Confidence 72 · 1 sources · unknowns: The founder's whereabouts
ShapeShift — betrayal from within
Employee stealing the hot wallet ← Selling access information after dismissal ← Three consecutive thefts
Confidence 76 · 1 sources · unknowns: —
Gatecoin — a wound that never healed
Breach of 185,000 Ether and 250 Bitcoin ← Years-long recovery attempt ← Judicial liquidation 2019
Confidence 70 · 1 sources · unknowns: —
BitKRX — silence then disappearance
Sudden withdrawal halt ← Administrative silence for weeks ← Shutdown and Polish investigation
Confidence 62 · 1 sources · unknowns: The truth of what happened to the funds
Youbit — two breaches and bankruptcy
First breach with a 17% loss ← Second breach the same year ← Immediate bankruptcy declaration
Confidence 72 · 1 sources · unknowns: —
BitGrail — the missing Nano
Gradual loss of 17 million Nano ← Late discovery and finger-pointing with the project ← Bankruptcy and judicial liability for the owner
Confidence 74 · 1 sources · unknowns: The real timing of the owner's knowledge
Coinrail — a weak token gateway
Breach of small listed tokens ← Loss of around $40 million ← Suspension and compensation in the native token
Confidence 68 · 1 sources · unknowns: —
Bithumb — a series of breaches
$31 million breach 2018 ← Suspected insider breach 2019 ← Fines and a complex ownership change
Confidence 70 · 1 sources · unknowns: The actual ownership network
MapleChange — a breach with the door locked
Announcement of a full balance breach ← Immediate deletion of accounts and channels ← Total disappearance
Confidence 70 · 1 sources · unknowns: The operators' identity
DragonEx — Lazarus advances
A malicious app deceiving an employee ← Draining of the wallets ← A rare admission of the breach and a request for help
Confidence 70 · 1 sources · unknowns: —
Bitpoint — Japan tested again
$32 million hot wallet breach ← Suspension of services ← Compensation from the parent company
Confidence 74 · 1 sources · unknowns: —
Coinbene — the rolling maintenance
Massive undisclosed outflow ← Official denial under the guise of maintenance ← On-chain evidence contradicting the narrative
Confidence 66 · 1 sources · unknowns: The real size of the loss
Upbit — a single transfer of 300,000 Ether
Transfer of 342,000 Ether to an unknown wallet ← Immediate compensation from reserves ← Later attribution to North Korea
Confidence 76 · 1 sources · unknowns: The internal details of the breach
Einstein — the locked door in Vancouver
Accumulating withdrawal complaints ← Regulator intervention and a court-appointed receiver ← Almost nothing in the treasuries
Confidence 70 · 1 sources · unknowns: The fate of customer funds
GitHub — Ripple keys leak
Unauthorized access to hundreds of wallets ← Theft of around $10 million in XRP ← A drawn-out investigation
Confidence 66 · 1 sources · unknowns: —
Altsbit — the small one that never recovered
Breach of most hot balances ← Declared partial compensation ← Final shutdown after months
Confidence 62 · 1 sources · unknowns: —
Eterbase — Slovakia tested
$5.4 million hot wallet breach ← Freeze then a brief restart ← Final shutdown
Confidence 64 · 1 sources · unknowns: —
Livecoin — the price engine itself breached
Takeover of the price engine ← Bitcoin quoted in the hundreds of thousands ← Withdrawal of fake profits then collapse of the platform
Confidence 70 · 1 sources · unknowns: The attackers' identity
EXMO — a hot wallet without isolation
$10.5 million breached from the hot wallet ← Temporary halt ← Compensation from operating fees
Confidence 66 · 1 sources · unknowns: —
OKX — the detained key
Detention of the key holder by the authorities ← Freezing of withdrawals for five weeks ← Return with promises of decentralized custody
Confidence 78 · 1 sources · unknowns: The original nature of the investigation
Coinbit — confiscated wash trading
Inflating 99% of volumes internally ← Artificial price spreads ← Korean raid and seizure
Confidence 68 · 1 sources · unknowns: —
FCoin — collapse after Thodex
Sudden shutdown days after Thodex ← Immediate arrests ← Funds stuck
Confidence 66 · 1 sources · unknowns: —
Bitsonic — a CEO robbing his own platform
Internal manipulation of balances and prices ← Direct theft of deposits ← Arrest of the CEO
Confidence 68 · 1 sources · unknowns: —
Crypto.com — bypassing two-factor authentication
Withdrawals without second authentication for some accounts ← $34 million loss ← Initial denial then admission and compensation
Confidence 76 · 1 sources · unknowns: —
Rain — the quiet Gulf breach
Wallet breach of around $15 million ← Concealment for months ← Compensation without broad public disclosure
Confidence 62 · 1 sources · unknowns: The attack's details
ZB — silence then bleeding
Suspicious $4.8 million outflows ← Withdrawal suspension on the pretext of a malfunction ← Gradual withering
Confidence 60 · 1 sources · unknowns: The insider truth
CoinFLEX — the whale account with no margin
Loss of a large account with no contractual liquidation ← Withdrawal freeze ← Public exposure of the debtor's identity, an open dispute, then restructuring
Confidence 72 · 1 sources · unknowns: The original account terms
Deribit — the derivatives hot wallet
$28 million hot wallet breach ← Coverage from the company treasury ← Continued operation without interruption
Confidence 74 · 1 sources · unknowns: —
Hotbit — the exhausting wind-down
Accumulating investigations and freezes ← An operating model that became a burden ← Voluntary shutdown and asset return
Confidence 66 · 1 sources · unknowns: —
CoinEx — leaked keys
Leak of multi-chain hot keys ← Loss of around $70 million ← Attributed to Lazarus and declared compensation
Confidence 72 · 1 sources · unknowns: —
HTX — $30 million and a job offer
$30 million hot wallet breach ← A public offer for the attacker to stay on as an advisor ← Partial recovery
Confidence 68 · 1 sources · unknowns: —
Poloniex — systematic draining
Multi-chain key breach ← Loss of around $126 million ← Compensation promises from the owner
Confidence 70 · 5 sources · unknowns: The link between the two breaches
Stake — a casino under fire
$41 million hot wallet breach ← Immediate continued operation ← Official US attribution to Lazarus
Confidence 72 · 1 sources · unknowns: —
CoinsPaid — a booby-trapped job interview
Luring an employee with a fake job interview ← Installation of malicious tools ← $37 million loss
Confidence 72 · 6 sources · unknowns: —
Alphapo — a payment gateway bleeding
Hot key breach ← Multi-chain loss exceeding $60 million ← Attributed to Lazarus
Confidence 68 · 5 sources · unknowns: The final scale of the damage
BtcTurk — Turkey's hot wallet
Hot wallet breach of numerous coins ← Loss of around $55 million ← Partial freeze and cross-platform cooperation
Confidence 70 · 1 sources · unknowns: —
BingX — Singapore's hot wallet
Breach of around $43 million ← Temporary suspension of withdrawals ← Declared compensation and resumption
Confidence 66 · 1 sources · unknowns: —
M2 — the UAE's early wound
$13.7 million breached from the hot wallet ← Rapid response and compensation ← Continued operation
Confidence 64 · 1 sources · unknowns: —
Phemex — multi-chain draining
Hot wallet breach across numerous chains ← Loss of around $85 million ← Declared compensation and rebuilding
Confidence 68 · 1 sources · unknowns: —
Nobitex — Paxful's heir bleeding
Wallet breach of around $7 million ← Late confirmation after external analytics ← Declared compensation
Confidence 62 · 1 sources · unknowns: —
Fortress Trust — the custodian rescued by acquisition
$15 million breach via a third-party provider ← Conflicting accounts about the coverage ← A swift acquisition closing the file
Confidence 68 · 1 sources · unknowns: The real coverage details
Cred — the first shadow lender
Lending customer funds to a single Chinese counterparty ← Hidden losses and suspicious transfers ← Sudden bankruptcy
Confidence 72 · 1 sources · unknowns: The fate of the transferred funds
Haru Invest — Korea's impossible yield
Promises of high fixed yields ← Sudden withdrawal suspension ← Arrests and indictment of the operating partner
Confidence 70 · 6 sources · unknowns: —
Delio — contagion among Korean lenders
Exposure to Haru ← Cascading withdrawal suspension ← Investigations and fines
Confidence 68 · 6 sources · unknowns: —
Bitfront — Line's wind-down
Shutdown decision in the depths of winter 2022 ← An orderly schedule for the wind-down ← A rare clean exit
Confidence 70 · 1 sources · unknowns: —
AAX — the upgrade pretext
Freezing withdrawals on the pretext of a system upgrade ← Gradual disappearance of management ← Subsequent arrests
Confidence 68 · 6 sources · unknowns: The fate of the assets
HashFlare — mining without miners
$577 million in cloud mining contracts sold ← Actual capacity below 1% ← Fake dashboards and a guilty plea
Confidence 78 · 1 sources · unknowns: —
Mirror Trading — South Africa's pyramid
An alleged trading bot with daily returns ← 23,000 Bitcoin from 471,000 victims ← The founder's flight and later death
Confidence 74 · 1 sources · unknowns: The full money trail
BitClub Network — the phantom mining shares
Selling mining shares with falsified figures ← $722 million over years ← Arrests and confessions
Confidence 74 · 1 sources · unknowns: —
GainBitcoin — India's great pyramid
A promise of 10% monthly in Bitcoin ← Around 80,000 Bitcoin collected ← The founder's death and protracted prosecutions
Confidence 70 · 1 sources · unknowns: The whereabouts of the keys
USI-Tech — the automated Bitcoin packages
Investment packages with a daily return ← Multiple regulatory shutdowns ← Collapse and disappearance
Confidence 68 · 1 sources · unknowns: —
Arbistar — the Canary Islands bot
An alleged arbitrage bot in Spain ← Sudden freeze on the pretext of a calculation error ← Criminal prosecution
Confidence 66 · 1 sources · unknowns: —
HyperVerse — the pyramid metaverse
Daily returns across rebranded platforms ← $1.7 billion over years ← A CEO with a fabricated identity
Confidence 72 · 1 sources · unknowns: The full network of beneficiaries
EminiFX — the community pyramid
Alleged weekly returns of 5% ← Targeting a single community through trust ← Federal shutdown
Confidence 70 · 1 sources · unknowns: —
JPEX — the Hong Kong scandal
Massive influencer marketing ← Sudden prohibitive withdrawal fees ← Raids and arrests over $190 million
Confidence 72 · 1 sources · unknowns: The actual operating network
Alleged monthly returns of 40% ← $660 million from 32,000 victims ← Vacating the offices and disappearing
Confidence 66 · 1 sources · unknowns: The operators' actual identity
Mining Capital — the illusion contracts
Phantom mining contracts and funds ← $62 million ← Federal indictment of the founder
Confidence 68 · 1 sources · unknowns: —
CryptoZoo — a game that was never built
Selling eggs and tokens for a promised game ← Silent abandonment of development ← A media scandal and very belated compensation
Confidence 70 · 1 sources · unknowns: The original launch intent
Save the Kids — the dump charity
A charity token with influencer promotion ← Altering the sell limits before launch ← A coordinated dump within days
Confidence 68 · 1 sources · unknowns: —
Frosties — the first rug pull prosecuted in court
A digital image collection sold with enthusiasm ← Immediate withdrawal of liquidity and communications ← The first federal indictment for an NFT rug pull
Confidence 72 · 1 sources · unknowns: —
Evolved Apes — the vanished developer
An ape collection with a promised game ← The developer's disappearance after the sale ← 798 Ether evaporate
Confidence 66 · 1 sources · unknowns: The developer's identity
Baller Apes — the exit apes
A copycat collection with intense promotion ← A $2.6 million rug pull ← International federal charges
Confidence 66 · 5 sources · unknowns: —
Ripple — a lawsuit that defined a market
A securities-classification lawsuit ← Mass US delistings ← Years of dispute and a split ruling in 2023
Confidence 80 · 1 sources · unknowns: The final classification standard
Telegram TON — the great refund
A $1.7 billion private placement ← A court injunction against the launch ← Refunding the money and abandoning the project
Confidence 80 · 1 sources · unknowns: —
Kik — Kin under the hammer
A $100 million offering in 2017 ← A classification lawsuit ← A $5 million fine and marginal survival
Confidence 74 · 1 sources · unknowns: —
LBRY — death by legal costs
A classification lawsuit over a video-platform token ← A court loss in 2022 ← Closure of the company under the weight of costs
Confidence 74 · 1 sources · unknowns: —
Kraken — the end of intermediated staking
An intermediated staking service for Americans ← A $30 million settlement ← Closure of the service in the United States
Confidence 76 · 1 sources · unknowns: —
BitMEX — the founders in the dock
Charges of unlicensed operation and anti-money-laundering failures ← Resignations, admissions and fines ← A $100 million fine and personal sentences
Confidence 78 · 1 sources · unknowns: —
Coinbase — the comprehensive platform lawsuit
Charge of operating as an unregistered exchange ← Pressure on listings and staking ← A volatile legal and political trajectory
Confidence 76 · 5 sources · unknowns: The enduring regulatory standard
Binance — the civil front
A securities lawsuit and conflicting entities ← An exodus of institutional balances ← The later criminal settlement overshadows it
Confidence 76 · 4 sources · unknowns: —
Coinbase — the first insider trading case
An employee leaking the listing schedule ← His brother and friend buying ahead ← The first insider-trading conviction in digital assets
Confidence 78 · 1 sources · unknowns: —
OpenSea — the homepage as inside information
A manager knowing what would be featured on the homepage ← Buying ahead and selling after the feature ← A wire-fraud conviction
Confidence 76 · 1 sources · unknowns: —
Eisenberg — the profitable strategy before the judge
The documented manipulation of Mango prices ← The "code is law, anything goes" defense ← A fraud and manipulation conviction then sentencing complications
Confidence 76 · 1 sources · unknowns: The final settling of the precedent
Do Kwon — forged passports in Podgorica
A cross-continental flight ← Arrest on forged documents ← An extradition war between Korea and America
Confidence 80 · 1 sources · unknowns: —
Terra — the four-and-a-half-billion settlement
A jury verdict of civil fraud ← A $4.47 billion settlement ← The dismantling of Terraform Labs
Confidence 80 · 1 sources · unknowns: The actual recovery rate
Razzlekhan — laundering the 120,000 Bitcoin
Arrest of a couple in New York ← Seizure of $3.6 billion at the time — the largest seizure ← Guilty pleas and sentences
Confidence 80 · 6 sources · unknowns: The identity of the original hacker
Durov — an arrest that shakes TON
Arrest of Telegram's founder in France ← A sharp drop in the TON token ← Travel restrictions and changes to the platform's policy
Confidence 74 · 1 sources · unknowns: The case's final impact
Pertsev — a developer behind bars
Trial of a Tornado Cash developer in the Netherlands ← A money-laundering conviction of 64 months ← A chill through the developer community
Confidence 78 · 1 sources · unknowns: The ultimate benchmark for developer liability
Binance Nigeria — employee held hostage to the case
Protocol accused of attacking the local currency ← Detention of visiting executives ← One escapes, the other tried for months
Confidence 74 · 5 sources · unknowns: —
Worldcoin — iris scanning under ban
Iris data collected in exchange for a token ← Suspensions and bans in numerous countries ← Fines and forced adjustments
Confidence 72 · 1 sources · unknowns: Fate of the collected databases
HEX — declared 38% yield
Marketing of a huge annual yield ← Securities and embezzlement lawsuit ← Jurisdiction dispute, dismissal, then ongoing controversy
Confidence 68 · 1 sources · unknowns: Final classification
ChipMixer — the chip laundromat
Mixing of 3 billion over years ← Seizure of 46 million and international shutdown ← Indictment of the operator
Confidence 76 · 1 sources · unknowns: —
Bitzlato — the grey protocol
Processing of 700 million, mostly illicit ← Arrest of the founder in Miami ← Shutdown and federal designation
Confidence 72 · 1 sources · unknowns: —
Hydra — fall of the largest darknet market
Darknet market with billions in annual volume ← Seizure of German servers and 543 Bitcoin ← Final shutdown
Confidence 76 · 6 sources · unknowns: The successor alternatives
Garantex — the sanctioned protocol falls
Prior sanctions and persistent disregard ← Domain seizure and freezing of 26 million ← Halt of operations and prosecutions
Confidence 72 · 1 sources · unknowns: The successor network
eXch — the Bybit laundromat goes dark
Massive laundering flows after the Bybit breach ← Declared refusal to comply ← Self-shutdown then German seizures