2014–2026BitMEX
BitMEX invented the perpetual swap, then fines and rivals shrank it to 0.08% — it closed
No buyer; costs outran collapsed volume$200M+ in fines; share 57%→0.08%; closed 23 Sept 2026
Learn from mistakes. Preferably other people's.
A working encyclopedia of business blunders
documented casesHow to use it
Planning something? Hand this archive to your AI.
Show it a plan, and it checks these 6228 documented cases for who already made the same mistake, and what it cost them.
2026Samsung Asset Management
Korea's 2x single-stock ETFs on SK Hynix and Samsung wiped out ~80% of retail money
2x single-stock ETFs sold to retail>80% / ~75% ETF crashes; ~14T won retail losses; Kospi −35%
2026eToro
eToro's $52 IPO broke down: shares fell 43% to below $30 within nine months
crypto-fueled IPO premium, coolingstock −43% from $52 to $29.40; valuation below $2.5B
2026Gemini (Gemini Space Station)
Winklevosses' Gemini crypto exchange IPO fell ~80% and drew a class action
underpriced IPO opened 32% above offerFY2025 net loss ~$582.8M; market cap $3B+ to ~$700M
2026Figma
Figma's IPO popped 250% on day one, then fell ~81% from its peak
underpriced IPO + early lockup release~$50B paper value lost; stock −81% from $143 peak
2026Knaken
Dutch crypto exchange Knaken went bankrupt with €7M of customer funds missing
customer funds went missing mid-summer~€7M (~$8M) missing customer funds
2026SDIC Commodities
A fleeing dealer snapped a copper-financing chain, costing traders over ¥1 billion
the repurchase dealer fled the countryat least ¥1 billion (~$144M) across traders
2024–2026Movement Labs
Movement Labs lent a market maker 5% of its token — it dumped $38M and Chapter 11 followed
market maker lent 5% of token supply$38M dumped day one, Binance ban, delisted, Chapter 11 2026
2020–2026Mars FX
Mars FX claimed 19% a year with zero losing months — $600M is now missing
routed trades through a defunct BVI firm~$600M missing, $331M US-fund shortfall, FBI/SEC/CFTC probes
2026Jupiter Research Capital
Jupiter Research quant fund ran 2–4x leverage on AI small-caps — 40%+ July drawdown
2–4x leverage on crowded small-caps>40% of a ~$186M fund lost in July 2026
2026BlockFills
BlockFills lost ~$75–80M on lending and a mining bet — Chapter 11 in March 2026
lending defaults and a $30M mining loss≈$75–80M losses, then Chapter 11
2026Zhongji Innolight
Innolight's HK$53B listing — the biggest since Alibaba — opened below price
priced mid-crash at near-parityopened 0.92% below HK$980; down 4.29% by midday
2026Situational Awareness
A $45B AI fund lost 67% in one month and sold its book to Citadel
AI stocks fell on a leveraged book~67% lost in July; $16B sold at ~10% discount
2026Luxshare Precision
Luxshare raised HK$24.3B in Hong Kong — day one closed below the offer
top-of-range price, thin discountclosed 1.55% below HK$63.28; hit −9.6% intraday
2026Eminence Capital
After 27 years, Eminence Capital admitted the returns weren't there — and closed
years of returns below the standard$7B firm wound down; capital returned
2025–2026JA Mitsui Leasing
One US factoring bet cost JA Mitsui Leasing ¥150.5B — and a rescue from its owners
$1.75B in one supplier's invoices¥150.5B allowance; ¥115.7B loss; capital sought
2026Blackstone
Blackstone's $79B credit fund met 10% redemption requests — and paid out 5%
requests doubled the repurchase cap10% asked to exit; 5% honored on the $79B fund
2026Cliffwater
Cliffwater's $31B fund promised quarterly exits — 17% of investors asked at once
redemption requests triple the cap17% asked to exit; only 5% honored (~$1.6B)
2026Blue Owl Capital
Blue Owl sold quarterly exits on years-long loans — then closed the door
quarterly exits on illiquid loans$1.4B fire sale; shares −29% YTD by Feb 2026
2024–2026The TCG (株式会社The TCG)
The TCG, Akihabara card shop, bankrupt two months after opening
Business stopped 16 Apr 2026Self-bankrupt Apr 2026; ¥200M debts