2014 Mt.Gox In February 2014, the platform suspended withdrawals citing a 'transaction malleability' technical vulnerability. CEO Mark Karpelès repeatedly claimed it was a temporary technical issue under investigation and urged users to be patient. At the time, many in the community believed this explanation, treating the withdrawal issues as a technical bug rather than insolvency—which led to significant losses for those who trusted the platform. Mt.Gox became the origin of the famous phrase 'Not your keys, not your coins,' as the mindset of 'just wait, the platform is fine' was ultimately proven wrong. 2018/2020 FCoin Zhang Jian's approach was strikingly similar to Karpelès'. Starting with the 'transaction mining' data errors in 2018 that created a financial hole, the platform delayed withdrawals for a long time under the pretense of 'technical issues' and 'system adjustments.' Meanwhile, they used narratives around FT buybacks and dividends to stabilize user sentiment, making people believe the platform was still operating normally. It wasn't until February 17, 2020, that Zhang Jian revealed the 'truth,' admitting to a funding gap of 7,000–13,000 BTC that could not be repaid. 2022 FTX The most classic and undeniable 'don’t withdraw' statement this time came directly from SBF himself. About a day before the collapse, he publicly reassured users on Twitter: 'FTX is fine. Assets are fine,' even claiming, 'FTX has enough to cover all client holdings. We don’t invest client assets,' implying there was no need for a bank run. This tweet was quietly deleted before he attempted to sell FTX to Binance. In hindsight, it was all a blatant lie.