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Chronicles of Market Turbulence: Reflecting on the Cryptocurrency Industry's Past

2025/05/30 10:00
Editors of Iolite
Written by Noriaki Yagi
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市場を揺がす事件簿　暗号資産業界の過去を振り返る
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Table of Contents

  1. Will the market, polished by a series of failures, shine like a gem or become rounded and smooth?
  2. Chapter 1: The Day the World's Trust Crumbled—The Mt. Gox Incident (2014)
  3. Chapter 2: The Night the Formulas Failed—The Terra/LUNA Shock (2022)
  4. Chapter 3: The Illusion of Charisma—The Collapse of FTX (2022)
  5. Chapter 4: Market Distortions Lie Within Us—Hacking, Surges, and Crowd Psychology
  6. Chapter 5: The Breached Wall of Trust—The Bybit Hack (2025)
  7. Chapter 6: The Ripple Effects of Whales—The Massive Short on Hyperliquid (2025)
  8. Final Chapter: The Fine Line Between Regulation and Hope

Will the market, polished by a series of failures, shine like a gem or become rounded and smooth?

The cryptocurrency market can often be said to have evolved through incidents. The birth and expansion of a new financial ecosystem. Behind this, there have been numerous collapses and chaos. These were not just mere hacking or investment frauds; they also served as opportunities to question societal systems, global finance, and the limits of technology.

This article will discuss significant events that have greatly shaken the cryptocurrency domain, interpreting each shock in the context of its era.

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MAGAZINE
Iolite Vol.14

Iolite Vol.14

July 2025 issueReleased on 2025/05/30

Interview Iolite FACE vol.14 Charles Hoskinson, founder and CEO of Cardano/Input Output Global PHOTO & INTERVIEW Mariko Mabuchi Special feature: "Considerations on cryptocurrency-related policies in Japan and the US", "Blockchain guide from Japan", "Huge position liquidation occurs at Hyperliquid! A new, unanticipated crisis in decentralized finance", "Sakana AI, a generative AI startup from Japan that is attracting a lot of attention", "Prepare for a recession: correlation between finance and anomalies" Crypto Journey: "Web 3.0 from the perspective of the 'King of Debate'" Interview with Hiroyuki Special series: Virtual Nishi: "Cryptocurrency market trends and key points for interpreting them" Series: Tech and Future Toshinao Sasaki, etc.

MAGAZINE

Iolite Vol.14

July 2025 issueReleased on 2025/05/30
Interview Iolite FACE vol.14 Charles Hoskinson, founder and CEO of Cardano/Input Output Global PHOTO & INTERVIEW Mariko Mabuchi Special feature: "Considerations on cryptocurrency-related policies in Japan and the US", "Blockchain guide from Japan", "Huge position liquidation occurs at Hyperliquid! A new, unanticipated crisis in decentralized finance", "Sakana AI, a generative AI startup from Japan that is attracting a lot of attention", "Prepare for a recession: correlation between finance and anomalies" Crypto Journey: "Web 3.0 from the perspective of the 'King of Debate'" Interview with Hiroyuki Special series: Virtual Nishi: "Cryptocurrency market trends and key points for interpreting them" Series: Tech and Future Toshinao Sasaki, etc.