Biggest Crypto Collapses & Bankruptcies, Ranked by Loss

DeFi Intel Research Desk · Updated 2026-05-28 · fraud, insolvencies, and depegs, ranked by USD lost

The crypto industry has seen its share of spectacular failures, from algorithmic stablecoin depegs to exchange fraud and lender insolvencies. This list ranks the biggest crypto collapses and bankruptcies by USD lost, covering fraud, insolvencies, and depegs. Topping the list is the **Terra/Luna Death Spiral and UST Depeg** in May 2022, which erased over **$40B** in value. In total, the 8 major collapses listed below account for **$69.7B** in losses, highlighting the systemic risks that have shaken confidence in digital assets.

  1. #1 Terra/Luna Death Spiral and UST Depeg (May 8-12, 2022) $40B+ 2022-05-12 · Depeg

    Between May 8 and May 12, 2022, the Terra ecosystem suffered the largest single-protocol value destruction in cryptocurrency history, with the algorithmic stablecoin TerraUSD (UST)

  2. #2 BlockFi Chapter 11 Bankruptcy (Nov 28, 2022) $10B liabilities 2022-11-28 · Centralized lender bankruptcy

    BlockFi Inc., a Jersey City-based centralized crypto lender founded in 2017 by Zac Prince and Flori Marquez, filed for Chapter 11 bankruptcy protection in the District of New Jerse

  3. #3 FTX Collapse and Bankruptcy (Nov 6-11, 2022) $8B+ 2022-11-11 · Fraud collapse

    Between November 6 and November 11, 2022, FTX International, then the world's third-largest cryptocurrency exchange by volume, collapsed from an apparent $32B valuation to Chapter

  4. #4 Celsius Network Withdrawal Halt and Chapter 11 (June-July 2022) $4.7B 2022-07-13 · Centralized lender insolvency

    Celsius Network, a centralized crypto lender founded by Alex Mashinsky in 2017 and headquartered in Hoboken, New Jersey, halted all customer withdrawals on June 12, 2022, citing 'e

  5. #5 Genesis Global Capital Chapter 11 Bankruptcy (Jan 19, 2023) $3.4B claims 2023-01-19 · Centralized lender bankruptcy

    Genesis Global Capital LLC, the institutional crypto lending arm of Digital Currency Group (DCG), filed for Chapter 11 bankruptcy protection in the Southern District of New York on

  6. #6 Three Arrows Capital Insolvency and BVI Liquidation (June-July 2022) $3B+ 2022-06-27 · Hedge fund insolvency

    Three Arrows Capital, a Singapore-based crypto hedge fund founded by Su Zhu and Kyle Davies in 2012, was placed into BVI liquidation on June 27, 2022, after defaulting on margin ca

  7. #7 Mt. Gox Hot-Wallet Drain and Collapse (2011-2014) $450M 2014-02-28 · Exchange insolvency / multi-year custodial theft

    Mt. Gox, the Tokyo-based bitcoin exchange that processed approximately 70% of global BTC trading volume at its peak in early 2014, declared bankruptcy on February 28, 2014 after di

  8. #8 Multichain Disappearance and Cease-Operations Announcement (Jul 2023) $125M 2023-07-14 · Cross-chain bridge implosion

    Multichain, formerly known as Anyswap and at one point the largest cross-chain bridging protocol by total value locked with peaks exceeding $10B, suffered a slow-motion implosion a

Frequently asked questions

What is the biggest crypto collapse ever?

The biggest crypto collapse is the Terra/Luna Death Spiral and UST Depeg (May 8-12, 2022), which caused over $40B in losses.

How much has been lost in crypto collapses?

According to this list, $69.7B has been lost across 8 major collapses, including Terra, BlockFi, FTX, and others.

What caused the Terra Luna collapse?

The Terra ecosystem collapsed when its algorithmic stablecoin UST lost its peg to the US dollar, triggering a death spiral that wiped out over $40B in market value.

Which crypto bankruptcies were the largest?

The largest crypto bankruptcies include BlockFi ($10B liabilities), FTX ($8B+), and Celsius Network ($4.7B). All three filed for Chapter 11 in 2022.

What is the total amount lost in crypto collapses and bankruptcies?

The eight major failures listed here total $69.7B in losses, with the Terra/Luna collapse accounting for the majority.