01
不要把所有资金放在中心化平台
FTX、Celsius、Voyager、Mt.Gox 等案例反复证明：Not your keys, not your coins。冷钱包永远是终极答案。
Paradise Lost
A living archive of betrayals, collapses, failures, and disappearances across crypto. From zeroed projects to runaway founders, security disasters, legal cases, and fallen institutions, Paradise Lost turns painful history into market instinct.
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Traceable Loss
This month 0.0
267
Total Cases
Projects / People / Orgs / Events
238
Zeroed / Collapsed Projects
L1 / DeFi / NFT / Meme
17
Collapsed Institutions
Exchanges / Funds / Lending
0
Sentenced
8
Major Black Swan Events
2014-2022 tracked
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At Large / Wanted
International wanted list
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New This Month
Projects$80B蒸发PIXILAND
On January 15, 2026, Pixiland, a pixel strategy game that had struggled for two years within the Ronin ecosystem, made a difficult and painful decision: to indefinitely suspend all Web3 plans and transition to a pure Web2 offline model. This meant the complete cancellation of its token generation event (TGE). Even more heartbreaking for the community was that the wPixi points accumulated by players day and night in hopes of airdrops would never be convertible into real crypto assets.
Projects$60B3天归零GensoKishi Online
On February 26, 2026, the highly anticipated fantasy role-playing game GENSO Online regretfully announced that it would shut down all core services, including game servers, GENSO Marketplace, LAND Viewer, and the dedicated MV wallet, on April 30, 2026.
ProjectsFamily
The project will shut down
ProjectsBloktopia
Bloktopia project announced shutdown of all ecosystem activities due to market shifts, collapse of metaverse narrative, lack of sustained user demand, and ongoing operational costs without viable path forward.
ProjectsStep Finance
Step Finance shut down due to a treasury hack at the end of January that drained approximately $40 million in SOL, and after exploring financing and acquisition options without success, decided to end all operations immediately.
ProjectsSolanaFloor
Affected by the parent company Step Finance's treasury being hacked (resulting in approximately $27-40 million loss), unable to continue operations and thus shut down
ProjectsRedefine
The project is slowly shutting down due to the parent company's financial difficulties
OrganizationsDappRadar
DappRadar shut down due to financial unsustainability after 7 years of operation.
已结案
司法进行中
司法进行中
convicted 判刑
Su ZhuSu Zhu 是三箭资本（Three Arrows Capital，3AC）的联合创始人，曾是加密领域最具影响力的对冲基金经理之一。2022 年 6 月 3AC 爆仓并申请破产，波及多家主要贷款机构，Su Zhu 一度失联后于 2023 年 9 月在新加坡机场被捕，面临蔑视法庭指控。
Su Zhu 是三箭资本（Three Arrows Capital，3AC）的联合创始人，曾是加密领域最具影响力的对冲基金经理之一。2022 年 6 月 3AC 爆仓并申请破产，波及多家主要贷款机构，Su Zhu 一度失联后于 2023 年 9 月在新加坡机场被捕，面临蔑视法庭指控。
Do KwonDo Kwon 是 Terraform Labs 联合创始人兼 CEO，Terra/LUNA 生态系统的主要设计者。2022 年 5 月 Terra-LUNA 崩盘导致约 400 亿美元市值蒸发，数十万投资者蒙受损失。2022 年 9 月韩国检察院对其发出逮捕令，Do Kwon 出逃并被蒙特内哥罗当局于 2023 年 3 月逮捕，随后面临美国和韩国引渡竞争。
Do Kwon 是 Terraform Labs 联合创始人兼 CEO，Terra/LUNA 生态系统的主要设计者。2022 年 5 月 Terra-LUNA 崩盘导致约 400 亿美元市值蒸发，数十万投资者蒙受损失。2022 年 9 月韩国检察院对其发出逮捕令，Do Kwon 出逃并被蒙特内哥罗当局于 2023 年 3 月逮捕，随后面临美国和韩国引渡竞争。
Alex MashinskyAlex Mashinsky 是 Celsius Network 的创始人兼前 CEO。Celsius 是一个加密借贷平台，承诺向用户支付高达 18% 年化收益。2022 年 6 月，Celsius 宣布暂停提款，7 月申请破产，约 170 万用户资产被冻结，总额约 47 亿美元。Mashinsky 被指控故意虚报公司财务状况，2023 年 7 月被美国 DOJ 逮捕。
Alex Mashinsky 是 Celsius Network 的创始人兼前 CEO。Celsius 是一个加密借贷平台，承诺向用户支付高达 18% 年化收益。2022 年 6 月，Celsius 宣布暂停提款，7 月申请破产，约 170 万用户资产被冻结，总额约 47 亿美元。Mashinsky 被指控故意虚报公司财务状况，2023 年 7 月被美国 DOJ 逮捕。
Sam Bankman-FriedFTX 交易所联合创始人兼前 CEO，加密货币界标志性的有效利他主义推崇者。2022 年 FTX 崩溃后被捕，2023 年 11 月被裁定 7 项欺诈及共谋罪名成立，2024 年 3 月被判处 25 年有期徒刑。
FTX 交易所联合创始人兼前 CEO，加密货币界标志性的有效利他主义推崇者。2022 年 FTX 崩溃后被捕，2023 年 11 月被裁定 7 项欺诈及共谋罪名成立，2024 年 3 月被判处 25 年有期徒刑。
ZG.com中心化交易所
ZG.com ceased operations in 2021 as a centralized exchange, though no specific cause like a hack or fraud has been publicly confirmed due to a lack of reliable records.
PIEXGO综合性数字货币交易平台
PIEXGO ceased operations in 2021 without public evidence of fraud or regulatory action, leaving users unable to access funds with no verified loss figures.
BitForex加密货币交易所
BitForex ceased operations in 2024 without publicly disclosing a specific cause, leaving its failure unexplained despite prior institutional backing.
APROBIT韩国加密货币交易所
APROBIT failed in 2024 as a South Korean exchange, but no specific cause like a hack or fraud is publicly documented.
Bubble ProjectsHeavy VC exposure, inflated paper valuations, and looming unlocks—beware of the greater-fool game
GensoKishi OnlineMV
Metaverse × GameFi project
Why it was selected: On February 26, 2026, the highly anticipated fantasy role-playing game GENSO Online regretfully announced that it would shut down all core services, including game servers, GENSO Marketplace, LAND Viewer, and the dedicated MV wallet, on April 30, 2026.
Tank Wars Zone
P2E tank battle game
Why it was selected: Tank Wars Zone ceased operations in 2024 as a P2E game, but no specific cause like a hack, rug pull, or lawsuit has been publicly disclosed by authoritative sources.
My DeFi PetDPET
A blockchain pet game based on lifestyle
Why it was selected: My DeFi Pet ceased operations in 2024 due to market downturns and operational failures that halted development.
Heroes ChainedHEC
Fantasy Action RPG Game
Why it was selected: Heroes Chained ceased operations in 2024 due to undisclosed reasons, likely stemming from market volatility or team operational failures without evidence of fraud or legal action.
D.G.Pals
Web3 game project
Why it was selected: D.G.Pals ceased operations in 2024 with no publicly disclosed cause, as no reliable information exists regarding specific failures or financial losses.
FanTiger
Music NFT Market
Why it was selected: FanTiger ceased operations in 2024 with no publicly disclosed specific cause, hack, or fraud details despite its high-profile backing.
CryptoBladesSKILL
NFT Role-Playing Game
Why it was selected: CryptoBlades failed due to unsustainable Play-to-Earn mechanics that collapsed during the 2022 bear market, causing user engagement to vanish and the SKILL token to lose all value by 2024.
World of DefishWOD
A decentralized NFT game world
Why it was selected: World of Defish failed in 2024 due to undisclosed reasons, as no specific hacks, fraud, or regulatory actions have been publicly documented for the NFT gaming project.
T
The Fall of FTX · Five Dark Days in Crypto
2022-11-06史诗级From the Alameda balance-sheet leak to bankruptcy, a liquidity crisis brought down FTX in five days.
Full review
3
3AC Liquidation · A $10B Hedge Fund Collapses
2022-06-15史诗级The LUNA crash, stETH discount and leveraged losses culminated in a court-ordered liquidation.
Full review
T
Terra/LUNA Death Spiral · The Algorithmic Stablecoin Lesson
2022-05-07史诗级UST depegging triggered hyperinflation in LUNA and erased tens of billions of dollars within days.
Full review
M
Mt.Gox Bankruptcy · 850K BTC Disappear
2014-02-07史诗级The world’s largest Bitcoin exchange collapsed after prolonged security failures and internal mismanagement.
Full review
WOOFUN 的 10 条核心警示从 117 个失败案例中提炼出的反复出现的模式
02
高 APY 必有暗坑
UST 19% Anchor、BitConnect 365%、APY、Celsius 18% 高息。当一个产品的收益率远高于市场平均，唯一的问题是它什么时候崩盘。
03
高 FDV + 低流通 = 击鼓传花
Worldcoin、Aptos、Starknet、Aleo 等项目的 VC 锁仓与低流通结构提醒我们：解锁意味着下一个接盘者亏损。在解锁后再考虑买入，而不是 TGE 当天。
04
算法稳定币没有“这次不一样”
Iron Finance、Empty Set Dollar、UST 等历史一再证明，没有足额抵押的稳定币最终都会脱锚归零。USDC、USDT、DAI 才是底线。
05
匿名团队 + 代币不锁仓 = 跑路加速器
当项目核心团队完全匿名、无任何公开可查身份，且团队代币无锁仓或锁仓期极短时，出现欺诈性退出（Rug Pull）的概率极高。区块链的匿名性为恶意行为者提供了天然掩护，一旦他们决定卷款逃跑，几乎无法被追究法律责任。参考案例：BitForex、SaveAnimal、多个BSC Rug Pull项目。
06
审计报告 ≠ 安全，代码漏洞随时潜伏
「已通过审计」是行业内最容易被误解的安全背书。安全审计仅覆盖审计时提交的代码版本，后续升级、新增功能或依赖的外部合约均可能引入新漏洞。Poly Network、Qubit Finance、Grim Finance均在通过审计后遭到攻击。审计是必要条件，但绝非充分条件。
07
大额代币解锁临近，往往是团队出货窗口
代币经济学中的解锁计划（Vesting Schedule）是判断项目方动机的核心指标之一。当团队或私募持有的大量代币即将解锁时，历史数据表明价格往往在解锁前后出现明显下压。「解锁即出货」是Web3行业的普遍规律，投资者应在解锁前重新评估持仓风险。
08
跨链桥是加密世界最脆弱的安全边界
跨链桥作为连接不同区块链网络的核心基础设施，承载着数十亿美元的资产，同时也是黑客的首要攻击目标。桥接合约逻辑复杂、涉及多链交互，任何一个环节的漏洞都可能导致灾难性损失。Ronin Bridge ($6.25亿)、Poly Network ($6.11亿)、Wormhole ($3.2亿)、Multichain ($1.26亿) 均为典型案例。使用跨链桥时，应仅转移可承受全部损失的资金量。
09
无担保借贷平台，高收益背后是集中暴雷
CeFi借贷平台通过吸收用户存款、以高收益吸引散户，再以无担保或低担保方式向机构/对冲基金放贷。当一个大型借款方违约（如Three Arrows Capital），整个平台便可能瞬间崩溃。Celsius、BlockFi、Voyager、Babel Finance、Haru Invest均为此类模式的受害者。「稳定年化8%以上」通常意味着平台在承担你不知道的高风险。
10
算法稳定币的「死亡螺旋」无一例外
依赖算法机制维持锚定的稳定币（无足额抵押品支撑）本质上存在结构性脆弱性。当市场信心崩溃、大规模赎回触发时，算法的正反馈机制会将崩溃加速至无法挽回。Terra/UST的崩溃在72小时内抹去约600亿美元市值，是迄今为止最大的算法稳定币灾难。Iron Finance、TITAN、Basis Cash均经历过类似的「死亡螺旋」。
Data notice: All Paradise Lost cases draw from public on-chain data, regulatory filings, court decisions, and established media reports. We strive to present facts objectively; this is not investment advice. To report an error or add context, submit a ticket to the editorial team.