Coin Circle Storm: Inventory of the Black Swan Events that Shocked the Market In the ever-changing world of cryptocurrency, black swan events are like strong storms, impacting market stability and changing the industry landscape. Let's review the ups and downs of the cryptocurrency industry through these 7 iconic events. Mentougou Incident: The Beginning of Trust Collapse In February 2014, the Mentougou incident broke out. As one of the largest Bitcoin trading platforms in the world at that time, Mentougou was attacked by hackers, resulting in 850000 bitcoins being stolen and ultimately leading to the bankruptcy of the exchange. This incident triggered a serious trust crisis in the cryptocurrency industry, with Bitcoin prices plummeting by 80%. It has made people aware of the vulnerability of cryptocurrency trading platforms in terms of security protection, and has also prompted the industry to pay attention to the construction of security systems. China's ICO ban: the heavy hammer of regulation On September 4, 2017, China issued an ICO ban to strengthen regulation in the cryptocurrency sector. For a time, the market value of the cryptocurrency circle evaporated by 80%, and many projects were transferred overseas, causing the price of Bitcoin to plummet by 30%. Investors suffered heavy losses. This incident indicates that regulatory policies have a decisive impact on the development of the cryptocurrency industry, and compliance has become an important prerequisite for industry development. Black Thursday: Market Panic Under the Pandemic March 12th, 2020, is known as' Black Thursday '. Influenced by the global spread of the COVID-19 and the strengthening of supervision, the currency circle ushered in a burst of positions, with Bitcoin plummeting by 50%, Ethereum plummeting by 70%, and global assets also plummeting. Market confidence has been greatly dampened, and this incident highlights the close connection between the cryptocurrency market and the global macroeconomic environment. China strengthens regulation: severe market volatility On May 19, 2021, China further strengthened supervision and a situation of both long and short positions emerged. Institutions jointly issued a statement stating that Bitcoin plummeted by 30%, 600000 people liquidated their positions, resulting in a loss of $7 billion, and global assets also plummeted. This once again proves that regulatory policy adjustments will quickly be reflected in the cryptocurrency market, and investors need to closely monitor policy trends. Terra Luna Crash: Crisis of Decentralized Finance In May 2022, Terra Luna collapsed, with Luna's value returning to zero and a market value of $40 billion evaporating. This incident has triggered a crisis of trust in decentralized finance, with institutions such as Three Arrows Capital going bankrupt and UST becoming unanchored. It has prompted people to re-examine the risks of decentralized financial projects and has had a profound impact on the ecological development of the cryptocurrency industry. FTX bankruptcy: industry trust crisis reappears In November 2022, FTX went bankrupt due to financial issues and liquidity crisis, resulting in a loss of $7 billion. This triggered a crisis of trust in the exchange, and the founder SBF was imprisoned. FTX was once a star exchange in the cryptocurrency industry, and its bankruptcy has raised higher demands from investors for the operation and regulation of the exchange. Deepseek Event: The Impact of a New Storm On February 3, 2025, the Deepseek incident erupted. The collapse of the AI foam, Trump's tariff policy and other factors led to the sharp fall of the Ether, and 710000 people broke their positions. This event reflects the complex relationship between the cryptocurrency industry, emerging technologies, and macro policies, once again reminding investors of the uncertainty in the market. These black swan events are profound imprints in the development of the cryptocurrency industry, bringing both crises and losses, as well as driving the industry to constantly improve and progress through reflection. For investors, understanding these historical events can help them better understand the risks in the cryptocurrency industry and maintain rationality and caution in their investments.