Since the birth of the Crypto Assets field, it has experienced several major risk events that have had a profound impact on the market and brought painful lessons to investors. Let's review a few representative Black Swan Events.

In terms of institutional risk, the security incident at Mt.Gox exchange in 2014 became a watershed moment for the early crypto assets market. A hacker attack led to a large amount of bitcoin being stolen, causing market panic and an 80% drop in bitcoin prices. Fast forward to 2022, the once-glorious FTX exchange collapsed due to financial issues, prompting the price of bitcoin to fall to around $15,000, once again severely impacting market confidence.

The changes in regulatory policies have also had a huge impact on the market. In 2017, China halted ICO (Initial Coin Offering) activities, leading to a significant market adjustment. In 2021, China tightened regulations on virtual currencies again, resulting in approximately 600,000 investors facing liquidation, and the market suffered another heavy blow.

In addition, the collapse of individual projects has also triggered a chain reaction. In 2022, the Luna coin value zeroing event was a shockwave in the industry, evaporating approximately $40 billion in market value in a short period and leading to a wave of bankruptcies among related institutions.

It is worth mentioning that external factors can also have a profound impact on the crypto assets market. At the beginning of the COVID-19 pandemic in 2020, the global financial market experienced "Black Thursday," with Bitcoin's price halving and other cryptocurrencies like Ethereum also suffering a sharp decline, resulting in significant losses for many investors.

These events not only caused significant fluctuations in the prices of mainstream Crypto Assets, but also led to the substantial shrinkage or even total loss of many investors' assets, while exposing numerous internal issues within the industry. For investors participating in the Crypto Assets market, these experiences are undoubtedly valuable lessons, reminding us to remain vigilant and make cautious decisions in this high-risk field.