The exchanges that ran away in those years Actually, the reasons for most exchanges running away are similar Except for the earliest theft of Mentougou There were also many hacker incidents that resulted in fatalities Then it was due to the major event in the cryptocurrency industry that led to a run on the bank For example, Luna and UST At that time, Luna subsidized a lot of UST to the exchange The exchange also thinks it's really fragrant I didn't do too strict risk control The ending is because UST returns to zero As a result, all of their short-term liquidity was drained In the end, I believed in FTX that I shouldn't have believed I deposited the money but didn't withdraw it The industry has also been going through a cycle Strict regulation leads to bear market Bear markets generate new patterns The inability to regulate new models leads to a bull market Bull market brings strict regulation Will it be the same this time?