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Case Studies

Six collapses that show what the theory means in practice. Every claim rests on publicly documented events. This is about mechanisms, not people.

See all nine cases together with the historical bubbles in one timeline →

WirecardA payment-processing company listed on Germany's DAX collapsed in 2020 after roughly €1.9 billion held in trust accounts couldn't be located. The stock lost practically all its value.FTXOne of the world's largest crypto exchanges collapsed within days in November 2022. Customer funds hadn't been held separately. Withdrawals were frozen.Terra and LunaAn algorithmic stablecoin lost its dollar peg within days in May 2022. Both involved tokens fell to practically zero, wiping out a value in the tens of billions.GameStopIn early 2021, the stock of a video-game retail chain rose several times over in a short period. The cause was a combination of high short interest, coordinated demand, and forced covering purchases.Lehman BrothersThe insolvency of a major US investment bank in September 2008 triggered the worst financial crisis in decades. The cause was a combination of high leverage, opaque securitizations, and a declining asset class.EnronA US energy company collapsed in 2001 after liabilities were kept off the balance sheet through outsourced entities. The case led to sweeping accounting reforms.