The Mt. Gox trick. In 2014, the Mt. Gox cryptocurrency exchange was hacked, resulting in the loss of more than 850,000 bitcoins. This was a major setback for the cryptocurrency community and caused a loss of confidence in the industry.
The collapse of TerraUSD. In May 2022, the TerraUSD stablecoin lost its peg to the US dollar and collapsed in value. This caused a ripple effect across the entire cryptocurrency market, causing prices to drop sharply.
China's ban on cryptocurrencies. In 2017, China banned the use of cryptocurrency exchanges and initial coin offerings. This was a huge blow to the cryptocurrency industry, as China had been a major player in the market.
The QuadrigaCX scandal. In 2019, the QuadrigaCX cryptocurrency exchange was found to be insolvent. The founder of the exchange, Gerald Cotten, died suddenly and it was later revealed that he had been the only person with access to the exchange's cold wallets. This resulted in the loss of over $190 million in user funds.
The BitMEX insider trading scandal. In 2020, the BitMEX cryptocurrency exchange was fined $100 million by the Commodity Futures Trading Commission (CFTC). The CFTC alleged that BitMEX had failed to implement adequate safeguards to prevent insider trading and market manipulation.
These are just some of the awkward moments that have occurred in the world of cryptocurrency. Despite these setbacks, the cryptocurrency industry continues to grow and evolve. Whether cryptocurrencies will ultimately catch on remains to be seen, but they have certainly captured the world's attention.



