Structural failure
Concentrated Deposit Pool
A single venue holding the majority of an asset's supply. When that venue fails, the asset's liquidity fails with it.
Records exhibiting this pattern
Mantra OM Token Crash — April 2025
The OM token, native asset of the Mantra Chain, lost approximately 90 percent of its market value over the course of a few hours on 13 April 2025. The team attributed the collapse to forced liquidations on offshore venues; on-chain analysts identified pre-event token movements from team-associated addresses.
$5.50B affectedUSDC Depeg — March 2023
When Silicon Valley Bank was seized by US regulators on 10 March, Circle disclosed $3.3 billion of USDC reserves were stuck at the bank — and USDC traded as low as $0.87 over the weekend before federal backstop assurances restored the peg.
$3.30B affectedBlockFi Collapse — November 2022
The New Jersey crypto lender filed Chapter 11 sixteen days after FTX, citing direct exposure to FTX and Alameda as the final blow on top of earlier losses to Three Arrows Capital.
$1.30B affectedMango Markets Oracle Manipulation — October 2022
A trader pumped the MNGO oracle on a thin Solana spot market, used the inflated collateral to borrow $114M from the protocol, then later argued in court that the manoeuvre constituted legitimate trading.
$114.0M 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 affectedThree Arrows Capital Collapse — June 2022
The 10-billion-dollar crypto hedge fund failed margin calls on leveraged LUNA, GBTC and staked-ETH positions, triggering a cascade through Voyager, Celsius and BlockFi.
$10.00B affectedTerra / UST Depeg — May 2022
The third-largest stablecoin lost its dollar peg over four days, taking $40 billion in combined LUNA and UST market cap to zero.
$40.00B affectedMt. Gox Collapse — February 2014
The exchange handling 70 percent of global Bitcoin trading suspended withdrawals, filed for bankruptcy, and disclosed the loss of 850,000 BTC — a recovery that is still being distributed to creditors a decade later.
$450.0M affected