If we’re talking about the biggest crypto losses ever, there are a few that basically shook the whole market and wiped out billions.

One of the most infamous is the Mt. Gox collapse in 2014. That was one of the earliest major Bitcoin exchanges, and at its peak it handled most global Bitcoin trading. Then it got hacked and around 850,000 BTC disappeared. Even today, that’s considered one of the largest crypto losses in history.

Another massive one was the Terra (LUNA) collapse in 2022. That wasn’t just a normal crash — the whole ecosystem basically spiraled into zero in a matter of days. Around $40 billion in market value vanished, and a lot of retail investors got completely wiped out because they believed the system was stable.

Then there’s the FTX collapse in 2022. That one hit hard because FTX was seen as one of the “safe” big exchanges. When it fell apart due to misuse of customer funds and liquidity issues, billions in user money were frozen or lost, and it seriously damaged trust in the entire crypto industry.

Outside of those, there have been plenty of smaller but still huge failures like Celsius and Voyager, where users couldn’t access funds after those platforms ran into insolvency issues during market downturns.

So yeah, the biggest crypto losses usually aren’t just from price drops — they come from exchanges failing, risky financial designs collapsing, or platforms mismanaging user funds.