Structural failure
Commingled Funds
Customer deposits used for purposes other than custody — proprietary trading, related-party loans, operational spending. Cannot be reversed once exposed.
Records exhibiting this pattern
DxSale BNB Chain Liquidity Exploit on May 29, 2026
DxSale lost about $7.3 million in a BNB Chain locker exploit that reportedly affected roughly 1,400 liquidity providers, after a prior ownership transfer and a withdrawal-loop abuse were identified by analysts.
$7.3M affectedFTX Collapse — November 2022
The world's second-largest crypto exchange filed for Chapter 11 bankruptcy within nine days of a leaked Alameda balance sheet that revealed commingled customer funds.
$8.00B affectedCelsius Network Collapse — July 2022
The largest centralised crypto lender suspended withdrawals on 12 June 2022 and filed for Chapter 11 a month later, owing approximately $4.7 billion to retail depositors.
$4.70B affectedVoyager Digital Collapse and Bankruptcy in 2022
After Three Arrows Capital defaulted on a roughly $670 million loan, Voyager froze customer activity, entered Chapter 11, and later liquidated, returning about 35.7% of customer claim value.
$670.0M affected