The Crypto Assets market has undergone a series of astonishing 'black swan' events since its inception. These unexpected shocks have not only tested the resilience of the market but also revealed the vulnerabilities of the digital asset ecosystem.

From the shocking Mentougou incident in 2014 to the potential impact of Deepseek in 2025, each upheaval has provided investors and industry participants with profound lessons. These events are far more than just fluctuations in numbers; they are a touchstone of human nature, reflecting the struggle between greed and fear, as well as the delicate balance between technological innovation and regulatory demands.

Looking back at the Mentougou incident in February 2014, when the world's largest Bitcoin exchange Mt.Gox suffered a hacker attack, losing nearly 850,000 Bitcoins, accounting for about 7% of the global circulating supply at that time. This blow directly caused the price of Bitcoin to plummet from $800 to $100, a drop of 80%. The entire crypto assets industry fell into an unprecedented crisis of trust, which is considered one of the most destructive events in the history of digital currency.

On September 4, 2017, another major blow struck. Chinese regulatory authorities jointly issued an announcement to completely halt all types of token financing activities. This decision triggered a violent market reaction, with Bitcoin's price plummeting from $4100 to $2817, a single-day drop of over 30%. Numerous ICO projects subsequently collapsed, and the market capitalization of Crypto Assets evaporated by 80%. This regulatory storm forced a large number of Chinese blockchain projects to seek overseas development.

However, it is worth noting that despite each black swan event triggering severe market fluctuations, Crypto Assets seem to always demonstrate an amazing ability to recover. The rebounds after each decline often push prices to new heights. This resilience makes one ponder: are these setbacks actually conditioning and strengthening the entire industry?

For investors and practitioners, these events are undoubtedly a repeated wake-up call, reminding us to maintain a sense of awe towards the market and reduce blind confidence. At the same time, this also highlights the importance of establishing a sound regulatory system and improving technological security.

As the industry continues to evolve, there may be more unpredictable challenges in the future. However, if we can learn from past experiences, we might be better equipped to face the upcoming risks and promote the development of the Crypto Assets market towards a more mature and resilient direction.