Biggest Crypto Collapses & Bankruptcies, Ranked by Loss

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 the USD scale of losses, liabilities and creditor claims, 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. Taken at the top of each reported range, the 17 failures listed below represent roughly $73B in headline losses, liabilities and creditor claims — a measure of the value put at risk, not of final investor losses, since some estates (BlockFi paid 100% of allowed claims; WazirX relaunched with an initial ~85% in-kind recovery) repaid creditors in part or in full. While the largest failures cluster in the 2022 credit unwind — Terra, Celsius, Three Arrows Capital, and FTX with its lender contagion — the list keeps growing: DeFi yield platform Stream Finance froze deposits in November 2025 after disclosing a ~$93M loss, and Chicago trading firm BlockFills filed Chapter 11 in March 2026 with an alleged ~$77M client-asset shortfall.

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) losing its dollar peg and dragging LUNA to near zero.

2. #2 BlockFi Chapter 11 Bankruptcy (Nov 28, 2022) $1B–$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 Jersey days after FTX's collapse froze its credit lines, listing more than 100,000 creditors and estimated assets and liabilities each in the $1B–$10B range. Unusually, the estate ended up whole: after monetizing its FTX claims, the plan administrator announced in July 2024 that customers would receive 100% of allowed claim amounts.

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 11, with an $8B+ hole in customer funds.

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, and filed Chapter 11 a month later owing $4.7B.

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 with $3.4B in creditor claims.

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 calls that cascaded across the lending sector.

7. #7 Voyager Digital Withdrawal Halt and Chapter 11 (July 2022) $1.3B 2022-07-05 · Centralized broker-lender bankruptcy

   Toronto-listed crypto broker Voyager Digital suspended withdrawals on July 1, 2022 and filed Chapter 11 in the SDNY on July 5 with ~$1.3B of customer crypto and a $650M+ claim against defaulted borrower Three Arrows Capital; after failed FTX US and Binance.US sales, customers took an initial ~35% in-kind recovery from June 2023.

8. #8 Haru Invest Withdrawal Freeze and Bankruptcy (Jun 2023 – Nov 2024) ~$1B alleged 2024-11-20 · CeFi earn-platform insolvency / alleged fraud

   South Korean earn platform Haru Invest halted all withdrawals in June 2023 and was declared bankrupt by the Seoul Rehabilitation Court on November 20, 2024; prosecutors allege roughly ₩1.4T (~$1B) belonging to ~16,000 users was withheld or misused.

9. #9 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 disclosing the loss of ~850,000 BTC.

10. #10 LIBRA Memecoin Rug Pull (Feb 2025) $251M net losses 2025-02-14 · Alleged rug-pull fraud

    Launched February 14, 2025 and promoted by Argentina's president, LIBRA spiked past a $4.5B market value and collapsed roughly 90% within hours as insider wallets pulled about $107M from liquidity pools; Nansen estimated ~$251M in net losses across 86% of traders, and probes followed in Argentina and the US.

11. #11 WazirX Insolvency and Scheme of Arrangement (Jul 2024 – Oct 2025) $235M 2024-07-18 · Exchange insolvency (hack-triggered)

    India's largest exchange froze all withdrawals after a $234.9M multisig theft attributed to Lazarus Group, socializing losses across ~4.3M creditors; Singapore's High Court sanctioned its scheme of arrangement on October 13, 2025 and the platform relaunched with ~85% initial in-kind recovery.

12. #12 JPEX Exchange Fraud (Sep 2023) $205M 2023-09-18 · Exchange fraud

    Unlicensed Hong Kong exchange JPEX effectively blocked withdrawals by raising fees to prohibitive levels after an SFC warning; about HK$1.6B (~$205M) in customer claims made it Hong Kong's largest alleged financial fraud, with dozens arrested.

13. #13 Delio Withdrawal Freeze and Bankruptcy (Jun 2023 – Nov 2024) ~$175M claims 2024-11-22 · CeFi lender insolvency

    Korea's largest crypto lender froze withdrawals in June 2023 after customer coins — largely parked on FTX via an outside manager — became unrecoverable; a Seoul court declared it bankrupt on November 22, 2024 with roughly ₩245B (~$175M) in claims from ~2,800 customers.

14. #14 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 after its CEO's arrest in China, ceasing operations in July 2023.

15. #15 Zipmex Winding-Up and License Revocation (Jul 2022 – May 2024) ~$97M 2024-02-26 · Exchange liquidation

    Southeast Asian exchange Zipmex froze withdrawals in July 2022 amid Babel and Celsius exposure; after a failed rescue, Singapore's High Court wound up Zipmex Pte Ltd on February 26, 2024, and Thailand revoked its licenses in May 2024 with roughly $97M owed to customers.

16. #16 Stream Finance xUSD Collapse and deUSD Wind-Down (Nov 2025) $93M+ (contagion ~$285M) 2025-11-04 · DeFi insolvency / stablecoin depeg

    DeFi yield platform Stream Finance disclosed a ~$93M loss by an external fund manager on November 4, 2025 and froze ~$160M of deposits; xUSD fell to ~$0.26, Elixir's 65%-exposed deUSD was permanently wound down, and ~$285M of interconnected debt surfaced across Morpho, Euler, Silo and Gearbox.

17. #17 BlockFills / Reliz Chapter 11 (Feb–Mar 2026) $77M alleged shortfall 2026-03-15 · Trading-firm insolvency

    Chicago crypto trading and lending firm BlockFills halted deposits and withdrawals on February 11, 2026, and parent Reliz Ltd filed Chapter 11 in Delaware on March 15, 2026 listing $50–100M of assets against $100–500M of liabilities; a Dominion Capital lawsuit alleges client assets were commingled, leaving a ~$77M shortfall as of end-2025, and a New York judge temporarily froze roughly 70.5 BTC.