Exchange Graveyard
11 ARTICLESDead exchanges, stolen funds, and broken promises. Where centralized trust went to die.
Mt. Gox: The Exchange That Lost Everything
Handled 70% of all Bitcoin trades. Lost 850,000 BTC. Creditors have been waiting 12 years. Some are still waiting.
BTC-e: The Exchange That Laundered $4 Billion
Laundered $4 billion. Washed the Mt. Gox stolen Bitcoin. The operator pled guilty in the US. Then Trump sent him home to Russia.
QuadrigaCX: The Dead CEO's Missing $190 Million
The CEO 'died' in India with the only passwords. $190M vanished. The conspiracy theories have never stopped.
Cryptopia: Hacked, Liquidated, Forgotten
A small exchange got hacked, went into liquidation, and accidentally set legal precedent on who owns crypto.
FTX: From $32 Billion to Bankruptcy in 10 Days
A $32 billion exchange collapsed in 72 hours. Its founder got 25 years. Creditors are getting 119% back. Make it make sense.
Celsius: 'Unbank Yourself' Into Bankruptcy
'Unbank yourself' was the slogan. Then 1.7 million people got a lesson in why banks have regulations. The CEO got 12 years.
Voyager Digital: The Broker That Bet It All on 3AC
Publicly traded. 'FDIC insured.' Lent $650M to one hedge fund. It wasn't insured. The hedge fund blew up.
Bit.com: The Exchange That Closed Without a Sound
Launched 2020. Backed by Bitmain co-founder Jihan Wu. Wound down its institutional crypto exchange across three months. Most users never noticed.
BitMEX Never Lost a Dollar to a Hack in 11 Years. It's Closing Anyway
The exchange that invented the 100x perpetual swap is shutting down on September 23. It survived every hacker who ever came after it. It could not survive five years of missing paperwork.
BitMart Survived a $150 Million Hack in 2021. It's Closing in 2027 Anyway
BitMart survived a $150 million hack, a yearlong bear run, and the FTC's first-ever crypto investigation. In July 2026 it announced it's closing anyway, with no real reason given and its own token down 58% overnight.
AscendEX Blamed a Missing License. $240 Million Left Six Days Earlier
AscendEX said a new EU rule forced its July 1 shutdown. On-chain records show $240 million left its wallets nearly two weeks before the announcement, and only $13 million was left by the time anyone could check.