The Loudest Cryptocurrency Failures of 2019

The year 2019 was marked by the emergence of many new cryptocurrency projects, but not all of them managed to succeed. In fact, the crypto industry saw some of its loudest failures in 2019. In this article, we will take a closer look at some of the most significant cryptocurrency failures of that year.QuadrigaCXQuadrigaCX was a Canadian cryptocurrency exchange that was founded in 2013. It was once considered one of the biggest cryptocurrency exchanges in Canada, but it eventually met a tragic end. In January 2019, the company’s founder, Gerald Cotten, passed away unexpectedly while on a trip to India. The only problem was that he was the only one who knew the passwords to the exchange’s cold storage wallets, which contained millions of dollars worth of cryptocurrency. This resulted in the loss of funds for thousands of QuadrigaCX customers, and the company eventually declared bankruptcy.Bitmain IPOBitmain was once the largest manufacturer of cryptocurrency mining equipment in the world. The company had plans to go public in 2018, but it faced several setbacks, including regulatory issues and declining profits. In March 2019, the company finally submitted its IPO application to the Hong Kong Stock Exchange, but it was eventually rejected due to concerns over the company’s financial health and its heavy reliance on cryptocurrency prices. This led to the resignation of Bitmain’s co-founder and CEO, Jihan Wu, and a decline in the company’s market share.DragonEx hackDragonEx was a Singapore-based cryptocurrency exchange that was founded in 2017. It was not one of the biggest exchanges in the world, but it gained some popularity due to its unique features, such as its Dragon Token (DT) loyalty program. However, in March 2019, the exchange suffered a major hack, which resulted in the loss of millions of dollars worth of cryptocurrency. The company claimed that it would reimburse its customers for their losses, but it faced criticism for its lack of transparency and for not providing enough information about the hack.Cryptopia hackCryptopia was a New Zealand-based cryptocurrency exchange that was founded in 2014. It was known for its wide selection of altcoins and its user-friendly interface. However, in January 2019, the exchange suffered a hack, which resulted in the loss of millions of dollars worth of cryptocurrency. The company initially claimed that it was undergoing maintenance, but it eventually admitted that it had been hacked. The hack caused the company to suspend trading, and it eventually filed for bankruptcy.ConclusionThe cryptocurrency industry is still in its early stages, and many companies are still struggling to find their footing. The failures of 2019 serve as a reminder that investing in cryptocurrency is still a risky proposition, and that even the biggest and most well-established companies are not immune to failure. However, these failures also provide an opportunity for the industry to learn from its mistakes and to develop better practices and technologies to ensure the security and stability of the cryptocurrency ecosystem.