{ "name": "Fee Otter crypto liquidation and collapse timeline", "publisher": "Fee Otter", "url": "https://feeotter.com/en/data/crypto-incident-timeline/", "asOf": "2026-10-23", "license": "https://creativecommons.org/licenses/by/4.0/", "definitions": { "liquidation_events": "Days with record forced liquidations of leveraged crypto futures positions. Liquidation totals are third-party estimates (Bybt, CoinGlass, Coinalyze, Skew) as reported by the named outlet; trackers, venues covered and time windows differ, so totals are not directly comparable. total_usd is the reported lower bound ('more than'/'about').", "collapses": "Crypto platforms that halted withdrawals or went bankrupt, with documented losses and creditor recovery. total_usd is the reported loss figure as stated by the named source, and its basis differs per case (DOJ findings, FTC allegations, claims filed); not directly comparable. recovery_pct is cumulative as documented by the case's own method (most measure against petition-date USD value; Gemini Earn is in kind); null where no documented figure exists. Mt. Gox is covered in exchange-hack-history-compensation (trustee moved repayment deadline to 2027-10-31, notice 2026-10-16).", "date": "UTC; YYYY-MM where only the month is documented.", "total_usd": "Reported amount in US dollars; null if no total was found (JPEX reports total_hkd instead).", "window": "Time window of the liquidation total: 24h, day (calendar day) or 4h.", "scope": "Which venues or positions the liquidation total covers.", "measured_by": "Third-party tracker that produced the liquidation total.", "recovery_pct": "Cumulative share of claims returned to users as documented by the case; null where no documented figure exists.", "checked": "Date Fee Otter last checked the row against its sources.", "label": "Short event description in each site language (zh-hant, zh-hans, en, id)." }, "articles": { "liquidation_events": "https://feeotter.com/en/articles/biggest-crypto-liquidation-events/", "collapses": "https://feeotter.com/en/articles/crypto-collapse-history/" }, "liquidation_events": [ { "date": "2020-03-12", "event": "Black Thursday (COVID-19 sell-off)", "total_usd": 1100000000, "scope": "BitMEX only", "window": "24h", "measured_by": "Skew", "source_name": "The Block", "source_url": "https://www.theblock.co/news/ecosystems/2020-03-13-crypto-exchanges-briefly-went-out-of-service-as-bitcoin-crashed-by-over-50-in-one-day-58675", "source_date": "2020-03-13", "btc_move": "about 7,300 to 3,867 USD in 16h (CoinDesk BPI)", "checked": "2026-10-23", "label": { "zh-hant": "「黑色星期四」，新冠疫情引發全球拋售", "zh-hans": "「黑色星期四」，新冠疫情引发全球抛售", "en": "\"Black Thursday\", global sell-off on COVID-19", "id": "\"Kamis Hitam\", aksi jual global karena COVID-19" } }, { "date": "2021-04-18", "event": "Weekend crash in early Asian hours", "total_usd": 10000000000, "scope": "market-wide futures", "window": "day", "measured_by": "Bybt", "source_name": "CoinDesk", "source_url": "https://www.coindesk.com/markets/2021/04/19/crypto-futures-saw-record-10b-worth-of-liquidations-on-sunday", "source_date": "2021-04-19", "btc_move": "60,000 to 52,148 USD", "checked": "2026-10-23", "label": { "zh-hant": "週末亞洲時段急跌", "zh-hans": "周末亚洲时段急跌", "en": "Weekend drop in early Asian hours", "id": "Penurunan akhir pekan di jam awal Asia" } }, { "date": "2021-05-19", "event": "Sell-off after Tesla stopped accepting BTC", "total_usd": 8000000000, "scope": "market-wide futures", "window": "24h", "measured_by": "Bybt", "source_name": "CoinDesk", "source_url": "https://www.coindesk.com/markets/2021/05/19/bitcoin-drops-below-31k-before-rebounding-8b-in-liquidations-triggered", "source_date": "2021-05-19", "btc_move": "below 31,000 USD", "checked": "2026-10-23", "label": { "zh-hant": "Tesla 停收 BTC 後的連續下跌", "zh-hans": "Tesla 停收 BTC 后的连续下跌", "en": "Continued slide after Tesla stopped accepting BTC", "id": "Penurunan lanjutan setelah Tesla berhenti menerima BTC" } }, { "date": "2021-09-07", "event": "El Salvador bitcoin law takes effect", "total_usd": 3000000000, "scope": "market-wide futures", "window": "4h", "measured_by": "Bybt", "source_name": "CoinDesk", "source_url": "https://www.coindesk.com/markets/2021/09/07/bitcoin-tumbles-most-since-june-and-el-salvador-buys-the-dip", "source_date": "2021-09-07", "btc_move": "above 52,000 to 42,900 USD", "checked": "2026-10-23", "label": { "zh-hant": "薩爾瓦多 BTC 法定貨幣生效當天", "zh-hans": "萨尔瓦多 BTC 法定货币生效当天", "en": "The day BTC became legal tender in El Salvador", "id": "Hari BTC menjadi alat pembayaran sah di El Salvador" } }, { "date": "2022-05-10", "event": "Terra UST depeg / LUNA collapse", "total_usd": 1000000000, "scope": "market-wide futures", "window": "24h", "measured_by": "Coinalyze", "source_name": "CoinDesk", "source_url": "https://www.coindesk.com/markets/2022/05/10/crypto-market-crash-leads-to-1b-in-liquidations-majors-lose-pivotal-support", "source_date": "2022-05-10", "btc_move": "briefly below 30,000 USD", "checked": "2026-10-23", "label": { "zh-hant": "Terra 穩定幣 UST 脫鉤、LUNA 崩跌", "zh-hans": "Terra 稳定币 UST 脱钩、LUNA 崩跌", "en": "Terra's UST stablecoin depegs, LUNA collapses", "id": "Stablecoin UST milik Terra lepas patokan, LUNA runtuh" } }, { "date": "2022-11-09", "event": "FTX run; Binance drops takeover", "total_usd": 700000000, "scope": "market-wide futures, longs only", "window": "24h", "measured_by": "CoinGlass", "source_name": "CoinDesk", "source_url": "https://www.coindesk.com/markets/2022/11/09/long-crypto-traders-take-on-700m-in-losses-as-markets-falls-on-ftx-contagion-fears", "source_date": "2022-11-09", "btc_move": "low 16,027 USD (The Block)", "checked": "2026-10-23", "label": { "zh-hant": "FTX 擠兌，Binance 放棄收購", "zh-hans": "FTX 挤兑，Binance 放弃收购", "en": "Run on FTX; Binance walks away from the takeover", "id": "Penarikan massal di FTX; Binance batal mengakuisisi" } }, { "date": "2025-02-03", "event": "US tariffs on Canada, Mexico and China", "total_usd": 2380000000, "scope": "market-wide futures", "window": "24h", "measured_by": "CoinGlass", "alt_estimate_usd": "8,000,000,000-10,000,000,000 (Bybit CEO)", "source_name": "The Block", "source_url": "https://www.theblock.co/news/markets/2025-02-03-bybit-ceo-estimates-crypto-traders-were-liquidated-for-8-10-billion-in-last-day-alone-338482", "source_date": "2025-02-03", "btc_move": "-7.5% to about 91,969 USD", "checked": "2026-10-23", "label": { "zh-hant": "美國宣布對加拿大、墨西哥、中國加徵關稅", "zh-hans": "美国宣布对加拿大、墨西哥、中国加征关税", "en": "US announces tariffs on Canada, Mexico and China", "id": "AS mengumumkan tarif untuk Kanada, Meksiko, dan Tiongkok" } }, { "date": "2025-10-10", "event": "US announces extra 100% tariff on Chinese goods", "total_usd": 19000000000, "scope": "market-wide futures", "window": "24h", "measured_by": "CoinGlass", "traders_liquidated": 1700000, "source_name": "CoinDesk", "source_url": "https://www.coindesk.com/research/market-spotlight-the-19-billion-liquidation-that-shook-crypto", "source_date": "2025-10-17", "btc_move": "about 122,000 to 106,560 USD (CoinDesk reference rate)", "checked": "2026-10-23", "label": { "zh-hant": "美國宣布對中國商品再加徵 100% 關稅", "zh-hans": "美国宣布对中国商品再加征 100% 关税", "en": "US announces an extra 100% tariff on Chinese goods", "id": "AS mengumumkan tarif tambahan 100% untuk barang Tiongkok" } } ], "collapses": [ { "date": "2022-05", "event": "Terra UST depeg / LUNA collapse (Terraform Labs)", "total_usd": 40000000000, "loss_basis": "investor losses per US DOJ ('more than')", "source_name": "US DOJ (SDNY)", "source_url": "https://www.justice.gov/usao-sdny/pr/crypto-enabled-fraudster-sentenced-orchestrating-40-billion-fraud", "source_date": "2025-12-11", "recovery_pct": null, "recovery_note": "Wind-down plan (approved Sep 2024) estimated USD 184.5M-442.2M for stakeholders; claims portal opened 2025-03-31; no actual distribution notice found", "recovery_source_url": "https://www.theblock.co/post/317414/terraform-labs-gets-sign-off-from-us-bankruptcy-judge-to-begin-winding-down-reuters", "legal_outcome": "SEC final judgment 2024-06-12 (Terraform ~USD 4.47B); Do Kwon pleaded guilty Aug 2025, sentenced 15 years 2025-12-11", "checked": "2026-10-23", "label": { "zh-hant": "Terra/LUNA：穩定幣 UST 脫鉤，LUNA 歸零；Terraform 2024-01-21 聲請破產", "zh-hans": "Terra/LUNA：稳定币 UST 脱钩，LUNA 归零；Terraform 2024-01-21 申请破产", "en": "Terra/LUNA: UST stablecoin depegged, LUNA went to zero; Terraform filed for bankruptcy 2024-01-21", "id": "Terra/LUNA: stablecoin UST lepas patokan, LUNA jatuh ke nol; Terraform mengajukan kebangkrutan 2024-01-21" } }, { "date": "2022-06-12", "event": "Celsius Network halts withdrawals (Chapter 11 filed 2022-07-13, SDNY)", "total_usd": 4700000000, "loss_basis": "crypto made inaccessible per FTC complaint ('about')", "source_name": "FTC", "source_url": "https://www.ftc.gov/system/files/ftc_gov/pdf/2223137celsiusnetworkcomplaint.pdf", "source_date": "2023-07", "recovery_pct": 72.1, "recovery_basis": "cumulative, % of petition-date (2022-07-13) claim value, after fourth distribution", "recovery_source_name": "Notice regarding fourth plan distribution, Doc 8314", "recovery_source_url": "https://cases.stretto.com/public/x191/11749/PLEADINGS/1174901222680000000088.pdf", "recovery_as_of": "2026-01-22", "legal_outcome": "Alex Mashinsky pleaded guilty 2024-12-03, sentenced 12 years 2025-05-08", "checked": "2026-10-23", "label": { "zh-hant": "Celsius：停止提領，2022-07-13 聲請破產", "zh-hans": "Celsius：停止提现，2022-07-13 申请破产", "en": "Celsius: halted withdrawals, filed for bankruptcy 2022-07-13", "id": "Celsius: menghentikan penarikan, mengajukan kebangkrutan 2022-07-13" } }, { "date": "2022-06-27", "event": "Three Arrows Capital liquidation ordered (BVI)", "total_usd": 3400000000, "loss_basis": "total of 154 claims filed (creditors mostly institutions)", "source_name": "The Block", "source_url": "https://www.theblock.co/post/268781/3ac-liquidators-estimate-46-per-cent-recovery-rate-for-creditors-teneo-report", "source_date": "2023-12-21", "recovery_pct": null, "recovery_estimate_pct": 45.74, "recovery_note": "Liquidators' Dec 2023 estimate; 8th interim dividend on or after 2026-07-10; cumulative % not published", "recovery_source_url": "https://3acliquidation.com/wp-content/uploads/2026/06/260601-3AC-8th-Notice-of-Intention-to-Distribute.pdf", "legal_outcome": "MAS 9-year prohibition orders vs both founders, effective 2023-09-13", "checked": "2026-10-23", "label": { "zh-hant": "Three Arrows Capital：英屬維京群島法院命令清算", "zh-hans": "Three Arrows Capital：英属维尔京群岛法院命令清算", "en": "Three Arrows Capital: British Virgin Islands court ordered liquidation", "id": "Three Arrows Capital: pengadilan Kepulauan Virgin Britania Raya memerintahkan likuidasi" } }, { "date": "2022-07-01", "event": "Voyager Digital suspends trading and withdrawals (Chapter 11 filed 2022-07-05, SDNY)", "total_usd": 1000000000, "loss_basis": "consumer crypto losses alleged by FTC ('more than')", "source_name": "FTC", "source_url": "https://www.ftc.gov/news-events/news/press-releases/2023/10/ftc-reaches-settlement-crypto-company-voyager-digital-charges-former-executive-falsely-claiming", "source_date": "2023-10-12", "recovery_pct": null, "initial_recovery_pct": 36, "recovery_note": "Initial ~36% (The Block 2023-05-17); FTX settlement ~USD 450M ~25% of aggregate claims per 2024-04-09 court filing (reported by Cointelegraph); no cumulative % published by plan administrator found", "recovery_source_url": "https://www.theblock.co/post/231248", "legal_outcome": "FTC settlement banning Voyager from handling consumer assets (2023-10); ex-CEO FTC settlement USD 2.8M (2025-06)", "checked": "2026-10-23", "label": { "zh-hant": "Voyager：3AC 違約後暫停交易與提領，2022-07-05 聲請破產", "zh-hans": "Voyager：3AC 违约后暂停交易与提现，2022-07-05 申请破产", "en": "Voyager: suspended trading and withdrawals after 3AC defaulted, filed for bankruptcy 2022-07-05", "id": "Voyager: menghentikan trading dan penarikan setelah 3AC gagal bayar, mengajukan kebangkrutan 2022-07-05" } }, { "date": "2022-11-11", "event": "FTX files Chapter 11 (Delaware)", "total_usd": 8000000000, "loss_basis": "taken from customers per US DOJ ('over')", "source_name": "US DOJ (SDNY)", "source_url": "https://www.justice.gov/usao-sdny/pr/samuel-bankman-fried-sentenced-25-years-prison", "source_date": "2024-03-28", "recovery_pct": 105, "recovery_basis": "cumulative, Class 5A Dotcom customer claims, % of petition-date USD value; Class 5B 105, Class 6A/6B 103, Class 7 convenience 120", "recovery_source_name": "FTX fifth distribution announcement (PR Newswire)", "recovery_source_url": "https://www.prnewswire.com/news-releases/ftx-announces-fifth-distribution-of-approximately-900-million-to-creditors-on-july-31-2026-302828726.html", "recovery_as_of": "2026-07-31", "legal_outcome": "Sam Bankman-Fried convicted 2023-11-02, sentenced 25 years 2024-03-28; conviction affirmed by 2nd Circuit 2026-06-12", "checked": "2026-10-23", "label": { "zh-hant": "FTX：擠兌、停止提領，在美國德拉瓦州聲請破產", "zh-hans": "FTX：挤兑、停止提现，在美国特拉华州申请破产", "en": "FTX: bank run, withdrawals halted, Chapter 11 filing in Delaware", "id": "FTX: nasabah menarik dana besar-besaran, penarikan dihentikan, lalu mengajukan Chapter 11 di Delaware" } }, { "date": "2022-11", "event": "Genesis halts withdrawals; Gemini Earn funds frozen (Genesis Chapter 11 filed 2023-01-19, SDNY)", "total_usd": 900000000, "loss_basis": "Gemini Earn assets frozen ('about')", "source_name": "CoinDesk", "source_url": "https://www.coindesk.com/business/2023/01/20/genesis-global-files-for-bankruptcy-protection", "source_date": "2023-01-20", "recovery_pct": 100, "recovery_basis": "in kind (coins returned); ~97% by 2024-05-29, remainder June 2024", "recovery_source_name": "Gemini", "recovery_source_url": "https://www.gemini.com/blog/gemini-earn-users-receive-usd2-18-billion-of-their-digital-assets-in-kind-a", "recovery_as_of": "2024-06", "legal_outcome": "SEC USD 21M penalty on Genesis; NYDFS USD 37M fine on Gemini", "checked": "2026-10-23", "label": { "zh-hant": "Genesis／Gemini Earn：Genesis 停止提領，Gemini Earn 約 9 億美元卡住；2023-01-19 聲請破產", "zh-hans": "Genesis／Gemini Earn：Genesis 停止提现，Gemini Earn 约 9 亿美元卡住；2023-01-19 申请破产", "en": "Genesis / Gemini Earn: Genesis halted withdrawals, about $900M of Gemini Earn stuck; Genesis filed 2023-01-19", "id": "Genesis / Gemini Earn: Genesis menghentikan penarikan, sekitar US$900 juta dana Gemini Earn tertahan; Genesis mengajukan kebangkrutan 2023-01-19" } }, { "date": "2022-11-28", "event": "BlockFi files Chapter 11 (New Jersey)", "total_usd": null, "loss_basis": "no total loss figure found; petition listed more than 100,000 creditors", "source_name": "CoinDesk", "source_url": "https://www.coindesk.com/policy/2022/11/28/ftx-fallout-continues-as-crypto-lender-blockfi-declares-bankruptcy", "source_date": "2022-11-28", "recovery_pct": 100, "recovery_basis": "% of allowed customer claims, petition-date USD value", "recovery_source_name": "The Block", "recovery_source_url": "https://www.theblock.co/post/306878/blockfi-ftx-claims-sale", "recovery_as_of": "2024-07", "legal_outcome": "SEC + states USD 100M settlement over interest accounts (2022-02-14)", "checked": "2026-10-23", "label": { "zh-hant": "BlockFi：FTX 倒閉後暫停提領，在紐澤西州聲請破產", "zh-hans": "BlockFi：FTX 倒闭后暂停提现，在新泽西州申请破产", "en": "BlockFi: paused withdrawals after FTX fell, filed for bankruptcy in New Jersey", "id": "BlockFi: menghentikan penarikan setelah FTX jatuh, mengajukan kebangkrutan di New Jersey" } }, { "date": "2023-09-13", "event": "JPEX (Hong Kong): SFC warning on unlicensed platform, referred to police", "total_usd": null, "total_hkd": 1616000000, "loss_basis": "amount involved, 2,636 complainants (Hong Kong police via The Standard)", "source_name": "The Standard", "source_url": "https://www.thestandard.com.hk/finance/article/316007/Police-charge-16-including-influencer-Joseph-Lam-in-16B-JPEX-crypto-fraud-case", "source_date": "2025-11-05", "recovery_pct": null, "recovery_note": "Police froze ~HKD 228M in assets; no compensation scheme found", "legal_outcome": "16 people charged 2025-11-05 incl. conspiracy to defraud; no verdict found", "checked": "2026-10-23", "label": { "zh-hant": "JPEX（香港）：無牌平台，香港證監會公開警告後提領困難，轉交警方", "zh-hans": "JPEX（香港）：无牌平台，香港证监会公开警告后提现困难，转交警方", "en": "JPEX (Hong Kong): unlicensed platform; withdrawal problems after a public SFC warning, referred to police", "id": "JPEX (Hong Kong): platform tanpa izin; penarikan bermasalah setelah peringatan publik SFC, dilimpahkan ke polisi" } } ] }