Everything we teach,in the order it holds together.

Knowing with Certainty, published 1977. Baruch Fischhoff, Paul Slovic and Sarah Lichtenstein asked subjects hundreds of general knowledge questions and, for each answer, asked how confident they were in odds terms.

The FBI's Internet Crime Complaint Center 2024 annual report. 859,532 complaints and $16.6 billion in reported losses, a third more than the year before.

The wrong-network send, which is a documented failure category rather than one named incident. A user withdraws a token on one chain to an address that exists on another, because the address string is identical on every EVM chain and nothing stops them.

TerraUSD, May 2022. UST was the third largest stablecoin at about $17.5B, and roughly 75 percent of it sat in Anchor, a protocol paying about 19.5 percent on deposits.

A 2025 survey of 1,000 US crypto holders found 35 percent had lost access to a wallet or account, and 31 percent of those never recovered the assets. The leading causes were a forgotten password (33 percent), a lost recovery phrase (21 percent) and lost access to two-factor authentication (20 percent).

April 2026. A fake Ledger Live application, submitted by a publisher with no connection to Ledger, passes Apple's review and is distributed through the official macOS App Store.

A single Permit2 signature. No gas, no on-chain transaction, one tap, authorizing an unlimited allowance across multiple tokens.

10 January 2026. A holder is contacted by someone impersonating Trezor support and is talked into disclosing the twelve-word recovery phrase behind a hardware wallet.

FTX, November 2022. Withdrawals were halted on 8 November and bankruptcy followed on 11 November.

A US user receives a Form 1099-DA showing $180,000 in proceeds and no cost basis, because the assets were transferred in from self-custody and the broker never saw what was paid for them. On paper they owe tax on the entire amount.

3Commas, 2022. Around 100,000 exchange API keys belonging to users of a trading-bot service were leaked, with a sample published in December and the rest threatened.

Matthew Mellon died in April 2018 holding a reported half a billion dollars of XRP. The keys were held in cold storage registered under other people's names in multiple locations, and were never located.

Hong Kong, reported February 2024. A finance worker at the engineering firm Arup receives a phishing email impersonating the UK-based CFO and is suspicious of it, which is the correct instinct.

Mango Markets, 11 October 2022. Roughly $4M was used to buy MNGO across three venues, moving the oracle-reported price by around 2,300 percent.

Movement Labs and the MOVE token. MOVE debuted on 9 December 2024 behind a company later valued at around $3B.

The head-and-shoulders pattern, tested. Carol Osler's Federal Reserve Bank of New York staff report identified traders acting on head-and-shoulders patterns in US equities as noise traders: volume was exceptionally high when they were active, their trading was unprofitable, and the price effects of their activity disappeared within about two weeks.

Three Arrows Capital, June 2022. As the fund failed to meet margin calls, its positions were visible on a public ledger and were being read in real time by anonymous analysts.

The stock-to-flow model. A widely followed quantitative model relating bitcoin's price to the ratio of existing supply to new issuance produced dated, specific predictions: a floor of about $98,000 for November 2021 and about $135,000 for December 2021.

The behavior gap, measured annually for three decades. DALBAR's Quantitative Analysis of Investor Behavior measures what fund investors actually earn, after the decisions they make along the way, against the return of the funds themselves.

Barber and Odean, Journal of Finance, 2000. Examining 66,465 households holding accounts at a large discount broker between 1991 and 1996, the study found the average household turned over 75 percent of its portfolio annually and earned 16.4 percent, against a market return of 17.9 percent.

Binance Unified Accounts, 10 October 2025. Assets accepted as portfolio-margin collateral repriced violently against the exchange's own internal order book rather than against external oracles: USDe printed as low as about $0.65, wrapped Beacon ETH reportedly reached around $0.20 on the dollar and Binance Staked SOL around $0.13, while the same assets held near par elsewhere.

10 October 2025, read as an automation event. More than $19B of leveraged positions were forcibly closed across more than 1.6 million traders, with roughly 85 to 90 percent of liquidated positions reported to be longs, and market makers on at least one venue reported infrastructure failures that left some locked out and unable to place risk-reducing orders.

SPIVA U.S. Scorecard, year-end 2024.

XIV, 5 February 2018. Credit Suisse announced the event acceleration of its VelocityShares Daily Inverse VIX Short Term ETNs, because the intraday indicative value on 5 February was equal to or less than twenty percent of the prior day's closing indicative value, which was $108.3681.

The Nomad bridge, 1 August 2022. A routine upgrade to the implementation behind one of Nomad's proxy contracts initialized the trusted root to 0x00, which is also the value stored for an untrusted root, so every message submitted to the bridge was treated as already proven.

Uniswap v3, 12 March 2025. A trader submitted a swap of 220,764 USDC for USDT and received about $5,271, a loss of roughly 98 percent.

Topaze Blue and Bancor, November 2021. A study of 17 Uniswap v3 pools representing about 43 percent of the protocol's total value locked found that liquidity providers had earned $199.3M in fees since inception and suffered $260.1M in impermanent loss over the same period, so in aggregate they would have been better off by $60.8M by simply holding their tokens.

MakerDAO, 12 and 13 March 2020. Ether fell about 50 percent in twenty-four hours and the protocol was swamped with liquidations while network congestion drove gas prices up.

Renzo, 24 April 2024. The liquid restaking token ezETH, which had traded above $3,000, fell to about $688 on Uniswap within an hour following the protocol's airdrop and tokenomics announcement and the close of its points farming window.

Multichain, July 2023. The cross-chain router was presented as a decentralized system secured by a network of multi-party computation nodes.

The royalty collapse, 2022 to 2024. Creator royalties were never enforced by the token standard; they were paid because marketplaces chose to collect and forward them.

Beanstalk Farms, 17 April 2022. An attacker took roughly $1B of flash loans from Aave, converted the proceeds into the protocol's governance instrument, and thereby held more than 67 percent of voting power.

USDC and Silicon Valley Bank, 10 to 13 March 2023. Silicon Valley Bank entered federal receivership on 10 March after more than $40B of withdrawals in a single day.

The Tornado Cash dusting, 8 to 11 August 2022. OFAC added Tornado Cash to the Specially Designated Nationals list on 8 August 2022, which made it unlawful for US persons to transact with it.

Nexus Mutual and FTX Custody Cover, November 2022 to February 2023. When FTX halted withdrawals in November 2022 there were 35 active FTX Custody Covers, totaling 1,611 ETH and 6,853,539 DAI, worth roughly $8.79M and representing 4.33 percent of the mutual's capital pool.

Core Scientific, 21 December 2022. One of the largest listed bitcoin miners filed for Chapter 11 in the Southern District of Texas, listing about $1.33B of liabilities.

10 October 2025. A US announcement of forthcoming 100 percent tariffs on Chinese goods triggered the largest single-day deleveraging recorded in this market.

BitMEX, 12 to 13 March 2020. Bitcoin fell from roughly $7,900 to about $3,600 in the 24 hours from 12 March, and the largest perpetual venue of the period ran a liquidation cascade in which each forced sale pushed the price down and triggered the next.

Long-Term Capital Management, September 1998. The fund was built around convergence trades in fixed income, run by a partnership that included two Nobel laureates in economics and a former vice chairman of the Federal Reserve, using risk models regarded at the time as the most sophisticated in the industry.

The Flash Crash, 6 May 2010. At 2:32pm Eastern, against a backdrop the joint SEC and CFTC report described as unusually high volatility and thinning liquidity, a large asset manager began selling 75,000 E-mini S&P 500 contracts, about $4.1B of notional, as a hedge against an existing equity position.

The quant quake, 6 to 9 August 2007. Over four days, quantitatively managed equity market-neutral and statistical arbitrage funds recorded losses without precedent in their own histories, in a week when the broad equity market itself moved very little.

GameStop, January 2021. Buying concentrated in short-dated out-of-the-money call options rather than in the shares.

Navinder Singh Sarao, 2009 to 2016. Trading E-mini S&P 500 futures from his parents' house near Heathrow, Sarao ran what the CFTC called a dynamic layering program, placing large sell orders at multiple price levels that he modified as the market approached them and canceled before they could execute.

Day Trading for a Living, published 2020. Fernando Chague, Rodrigo De-Losso and Bruno Giovannetti obtained Brazilian securities regulator records covering 19,646 individuals who began day trading mini-Ibovespa index futures between 2013 and 2015, and followed them through 2017.

CITIC Pacific, 20 October 2008. The Hong Kong listed company issued a profit warning disclosing losses of about HK$15.5B on leveraged foreign exchange contracts, a figure representing roughly 80 percent of its aggregate after-tax profit for the preceding two financial years.

Mirror Trading International, charged 30 June 2022. The CFTC filed a civil enforcement action against Cornelius Johannes Steynberg and Mirror Trading International, alleging that from about May 2018 to March 2021 he ran an international multilevel marketing scheme soliciting bitcoin for a commodity pool, on the promise that a proprietary trading bot would trade foreign exchange on members' behalf.

Ariane 5 Flight 501, 4 June 1996. Thirty-seven seconds after the start of the main engine ignition sequence, the launcher lost all guidance and attitude information, veered off its flight path, broke up and exploded at an altitude of about 3,700 meters.