2025-12-28 02:21:14

Over the past five years, the "life and death drama" of cryptocurrency exchanges has played out frequently. Some have disappeared with users' funds, some have been hacked, and others have faced regulatory sanctions—these cases are worth remembering for every trader.

Looking back in time. In 2020, FCoin ran away with billions, shocking the entire market. In April 2021, Thodex vanished after embezzling $2 billion. By 2022, storms kept coming: in February, BitForex and AAX each embezzled $57 million and $29.41 million respectively; in July, Voyager collapsed and filed for bankruptcy, Celsius faced liquidity issues; in September, ZB stopped withdrawals and eventually shut down after liquidation; at the end of the year, FTX misappropriated funds, triggering an $8 billion debt crisis.

In 2023, regulatory scrutiny intensified—January saw AEX AnYin's case leading to a run, in May Bittrex was sued by the SEC and declared bankruptcy, and in September JPEX embezzled HKD 1.3 billion. Huobi HOO, which embezzled user funds from 2020, finally shut down after liquidation in December 2022, taking over two years.

In 2024 and 2025, platform risks remain high: in February 2024, BitForex and AAX are still in the spotlight; in April this year, CBEX ran away with $800 million; in June, XeggeX was hacked and went bankrupt; in July, Tradeogre suddenly shut down.

Behind every major collapse are countless lessons learned through blood and tears by investors. When choosing an exchange, it’s not just about liquidity and fees, but also about risk control capabilities, cold wallet security, and regulatory compliance. No matter how tempting the market is, you must survive to make money.

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Token_Sherpa

· 7h ago

lol at people still treating centralized exchanges like they're some kind of safe haven. the incentive design is fundamentally broken — custody risk masquerading as liquidity. seen this movie too many times.

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SatoshiLeftOnRead

· 7h ago

Really, every time I see these things, I feel scared... Choosing the wrong exchange, no matter how much you earn, is just working for others.

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Anon32942

· 7h ago

Really, I still remember that wave of FCoin, it directly shattered the dreams of several friends... --- Is it BitForex again? How capable is this guy at competing... --- So, no matter how good the liquidity is, if you don't spend it wisely, it's useless. Cold wallets are the real boss. --- That case with JPEX was truly shocking. 1.3 billion HKD just disappeared like that? Are they playing a big game of survival here? --- The phrase "living to make money" really hits home. How many people have died at the hands of exchanges... --- Huobi took over two years to go bankrupt, how many people's backs did it hold up? --- Looking at this list, I just remember that no major exchange is stable. DYOR (Do Your Own Research) is the only truth. --- I still can't believe the 8 billion FTX lost. How many people's retirement funds were scammed... --- Major platforms are taking turns staging runaways, investors might as well just watch the show as the main characters, right? --- Choosing an exchange is even harder than choosing a man. One wrong move and you'll lose everything.

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GateUser-00be86fc

· 7h ago

After seeing so many collapse cases, do you still dare to keep your coins on exchanges? I really can't hold it anymore.

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NotFinancialAdviser

· 7h ago

Another year, another year. The stories of these exchanges running away are almost a tradition in the industry. I still remember the FTX incident, where eighty billion disappeared overnight. Truly incredible. Choosing trading platforms is like choosing a wife—be cautious, as the liquidity fee structures are all fake. Living and making money is the real way to go; the greedy ones are all underground. BitForex and AAX are still causing trouble; I already left long ago. Basically, don’t put all your eggs in one basket, and it’s best to keep your assets in cold wallets for peace of mind. Looking at this five-year list, I’m a bit scared—feels like very few platforms have truly been safe. Tradeogre’s sudden shutdown without warning was the worst; one moment it was there, and the next, it was gone.

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