51 crypto exchanges (including those that fled) that went under during the 2022 bear market

As of 2026, only 5 have gone under so far
The 5 most well-known collapsed exchanges
1/FTX (Nov 11): the world’s third-largest exchange, valued at $32 billion, SBF was sentenced to 25 years in prison, dubbed the “Lehman moment of crypto”
2/AEX (Anyin) (July 17): a long-established exchange founded in 2013, in operation for 9 years; shut down after a liquidity crisis triggered by the Luna collapse, and following cooperation with police investigations, 36氪
3/Hoo (August 1): founded in 2018; stopped all trading services, rolled out a debt-token conversion scheme, unable to directly settle users’ assets for withdrawal
4/ZB (ZB.com) (December): founded in 2013; stopped withdrawals in August, and effectively shut down in December; there were rumors of losses involving the misappropriation of users’ assets
5/Bitfront (Jan 28): an exchange under Japan’s LINE; officially announced the closure of services
And it’s only just started going under in 2026
When the winds start to blow, it’s when panic strikes
It’s also when greed strikes