Incident tracker
A case file for every major collapse, exploit and alleged fraud we can independently source — with the Australian ones marked. Amounts are stated at the value reported at the time, with a range where reporting disagrees.
We hold 578 further incidents as research leads. They came from a feed licensed for non-commercial use only, so we will not publish them until we have independently sourced each one. See where our data comes from.
FTX collapse
Australian linkFTX filed for Chapter 11 bankruptcy after a liquidity crisis exposed that customer deposits had been lent to affiliated trading firm Alameda Research. Founder Sam Bankman-Fried was convicted on seven counts of fraud and conspiracy in November 2023 and sentenced to 25 years. FTX Australia held an Australian Financial Services Licence and its local entity was placed into administration, affecting roughly 30,000 Australian customers.
Reported loss: US$8.00B (range US$8.00B–$11.00B)
Celsius Network bankruptcy
The crypto lender froze withdrawals in June 2022 and filed for Chapter 11 the following month, disclosing a shortfall of roughly US$1.2 billion. Former chief executive Alex Mashinsky later pleaded guilty to fraud charges.
Reported loss: US$4.70B
Terra / LUNA collapse
The algorithmic stablecoin TerraUSD (UST) lost its peg to the US dollar, triggering a reflexive collapse in the value of its sister token LUNA and wiping tens of billions of dollars of notional value within days. Founder Do Kwon was later convicted in the United States; separate proceedings have run in South Korea and Montenegro.
Reported loss: US$40.00B (range US$40.00B–$60.00B)
Ronin Bridge hack
Attackers obtained five of nine validator keys securing the Ronin bridge used by the game Axie Infinity, and withdrew roughly 173,600 ETH and 25.5 million USDC. The breach went unnoticed for six days. The US Treasury later attributed the theft to the Lazarus Group.
Reported loss: US$624.00M
HyperVerse / HyperFund
Australian linkHyperFund and its successor HyperVerse were promoted heavily to Australian investors before collapsing. In 2024 the US Department of Justice and SEC brought charges against promoters, alleging a global fraud that raised roughly US$1.89 billion. Australian investors were among those affected, and the scheme was extensively reported by the Guardian. The allegations against those charged have not all been tested at trial, and every person is entitled to the presumption of innocence.
Reported loss: US$1.89B (range US$1.30B–$1.89B)
Poly Network exploit
An attacker exploited a flaw in Poly Network’s cross-chain contract calls to move roughly US$611 million. In an unusual outcome, substantially all of the funds were returned over the following fortnight, and the attacker was offered a bug bounty and a role.
Reported loss: US$611.00M · US$611.00M recovered
ACX / Blockchain Global collapse
Australian linkThe Australian exchange ACX, operated by Blockchain Global Ltd, halted withdrawals and later collapsed. Liquidators reported that customer funds could not be accounted for, and the company was found to have traded while insolvent. ASIC has said it received a liquidator’s report; investigations and civil proceedings have followed. No findings referred to here should be read as a determination of criminal liability against any individual.
Reported loss: US$21.00M (range US$16.00M–$23.00M)
QuadrigaCX collapse
Canada’s largest crypto exchange froze withdrawals after the reported death of founder Gerald Cotten, who was said to be the sole holder of the private keys. The Ontario Securities Commission later concluded that what happened was, in substance, a Ponzi scheme: Cotten had misappropriated customer assets through fabricated trading.
Reported loss: US$190.00M
BitConnect shutdown
BitConnect shut its lending and exchange platform after cease-and-desist orders from Texas and North Carolina securities regulators. The US SEC subsequently charged the promoters, alleging a fraudulent scheme that raised roughly US$2 billion. Founder Satish Kumbhani was indicted in 2022 and, as at the date of this entry, remains at large; the allegations against him have not been tested at trial.
Reported loss: US$2.40B (range US$1.00B–$2.40B)
The DAO exploit
A reentrancy flaw in The DAO’s split function allowed roughly 3.6 million ETH to be drained. The Ethereum community responded with a contentious hard fork to return the funds, creating the chain split that produced Ethereum and Ethereum Classic.
Reported loss: US$60.00M
Mt. Gox collapse
The Tokyo-based exchange, then handling a large share of global bitcoin trade, suspended withdrawals and filed for bankruptcy protection after disclosing the loss of roughly 850,000 BTC belonging to customers and the company. A portion was later recovered. Creditor repayments began in 2024, a decade after the collapse.
Reported loss: US$473.00M (range US$450.00M–$480.00M)