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.
$0
Traceable Loss
This month 0.0
969
Total Cases
Projects / People / Orgs / Events
894
Zeroed / Collapsed Projects
L1 / DeFi / NFT / Meme
75
Collapsed Institutions
Exchanges / Funds / Lending
0
Sentenced
0
Major Black Swan Events
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.
ProjectsRodeo
Social NFT platform Rodeo announced gradual shutdown due to failure to achieve the scale growth necessary for sustainable operations
ProjectsTally
Tally project ceased operations due to deteriorating market conditions, declining demand for DAO governance tools, and unsustainable business model, tagged as 'project倒闭'
ProjectsGOAT Gaming
GOAT Gaming shuts down due to lack of sustainable product-market fit after years of iteration, issuing refunds and allowing asset conversions.
ProjectsMilkyWay
MilkyWay Protocol ceased operations due to unmet market demand expectations and funding exhaustion, leading to permanent shutdown
ProjectsZeroLend
ZeroLend shut down after three years of operation due to declining on-chain activity, insufficient liquidity, oracle support interruption, unsustainable economic model, and increasing hacker threats, announcing a gradual cessation of operations and advisi
ProjectsFamily
The project will shut down
Bubble ProjectsHeavy VC exposure, inflated paper valuations, and looming unlocks—beware of the greater-fool game
1SolBTC
Solana上的DEX聚合器
$1.3T
FDV
FDV/TVL 1x
Why it was selected: 项目已宣布停止运营，被列入2023年加密死亡项目名单，网站长期无法正常使用或无更新
99StarzAGIX
NFT 收益生态系统
$26.9M
FDV
FDV/TVL 1.6x
Why it was selected: 项目已停止运营，主要因2023年6月预售合约安全漏洞导致资金损失巨大，项目活跃度急剧下降，交易量为零，被社区指责为骗局或rug pull。
BiONE
中心化加密货币交易所
Why it was selected: BiONE ceased operations in 2021 due to regulatory pressure and operational issues without reported user fund losses.
GensoKishi OnlineMV
元宇宙×GameFi项目
Why it was selected: 于2026 年4 月30 日关停所有核心服务，包括游戏伺服器、GENSO 市场、LAND Viewer 以及专属的MV 钱包。
FreshCut
Web3游戏社区和内容生态系统
Why it was selected: FreshCut ceased operations in 2024 as a Web3 gaming community, but no specific cause, hack, or regulatory action has been publicly disclosed.
Tank Wars Zone
P2E坦克对战游戏
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.
Pianity
音乐 NFT 平台
Why it was selected: Pianity ceased operations in 2024 due to market downturns and lack of sustainable user adoption, with no evidence of hacks or regulatory action.
Double Protocol
实用 NFT 的租赁协议
Why it was selected: Double Protocol ceased operations in 2024 due to undisclosed reasons, with no public evidence of hacks, regulatory actions, or fraud.
F
FTX 帝国一夜倒塌 · 加密历史最黑暗 5 天
2022-11-06史诗级从 Alameda 资产负债表曝光到 FTX 正式破产，流动性危机在五天内击穿全球第二大加密交易所。
Full review
3
3AC 强制清算 · $100 亿对冲基金归零
2022-06-15史诗级LUNA 暴雷、stETH 折价与杠杆爆仓连续冲击，三箭资本最终被法院下令强制清算。
Full review
T
Terra/LUNA 死亡螺旋 · 算法稳定币的终极教训
2022-05-07史诗级UST 脱锚触发 LUNA 增发与价格崩溃，数百亿美元市值在数日内蒸发并引发行业连锁危机。
Full review
M
Mt.Gox 申请破产 · 850K BTC 神秘消失
2014-02-07史诗级当时全球最大的比特币交易所因长期安全漏洞与内部失职而破产，成为加密行业早期最著名的交易所事故。
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.