Friday, the 13th and Crypto: Uncovering Valuable Lessons from Major Market Crashesby@obyte

Friday, the 13th and Crypto: Uncovering Valuable Lessons from Major Market Crashes

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In the world of cryptocurrency, there have been significant crashes leading to the demise of some brands and assets, with 2,478 dead coins reported by October 2023. Notable cases include Mt. Gox, a major exchange that suffered hacks in 2014 and 2011; BitConnect, a Ponzi scheme that defrauded investors of $2 billion in 2018; Terra (LUNA) and UST, which lost value in 2022, leading to panic and legal actions; Three Arrows Capital (3AC), which faced bankruptcy in 2022 due to investments in failing tokens; and FTX, a major exchange that filed for bankruptcy in 2022 after revealing financial issues. To avoid such crashes, diversify your portfolio, conduct thorough research, use risk management tools, set realistic goals, stay informed, and take caution in the volatile cryptocurrency market.
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