| Nominal amount lost
|
USD FX rate at time of loss[2] |
USD equivalent at time of loss
|
USD inflation to 2007[3] |
2007 USD Amount Lost
|
Country
|
Company
|
Source of Loss
|
Year
|
Person(s) associated with incident
|
| AUD 37 bn[4][5][6] |
0.7
|
USD 26 bn
|
|
USD 26 bn
|
Australia
|
Reserve Bank of Australia
|
Bonds
|
2022
|
Philip Lowe
|
| USD 15 bn
|
1
|
USD 15 bn
|
-32%
|
USD 10.3 bn
|
 United States
|
Silicon Valley Bank[7] |
Bonds
|
2023
|
|
| USD 15 bn
|
1
|
USD 15 bn[citation needed] |
|
|
United States
|
FTX
|
Cryptocurrencies
|
2022
|
Sam Bankman-Fried, Caroline Ellison
|
| USD 10 bn
|
1
|
USD 10 bn
|
-19.4%
|
USD 8.06 bn
|
United States
|
Archegos Capital Management[8] |
Total return swaps
|
2021
|
Bill Hwang
|
| USD 9 bn |
1 |
USD 9 bn |
−3.7% |
USD 8.67 bn |
United States |
Morgan Stanley[9] |
Credit Default Swaps |
2008
|
Howie Hubler
|
| USD 9 bn |
1 |
USD 9 bn |
−7.0% |
USD 8.37 bn |
 United Kingdom |
JPMorgan Chase[10] |
Credit Default Swaps |
2012
|
Bruno Iksil
|
| USD 8 bn |
1 |
USD 8 bn |
−12.3% |
USD 7.01 bn |
 China |
Tsingshan Holding Group[11] |
Short positions on nickel |
2022
|
| USD 6.12 (EUR 4.9) bn |
0.679 |
USD 7.22 bn |
−3.7% |
USD 6.95 bn |
 France |
Société Générale[12] |
European Index Futures |
2008
|
Jérôme Kerviel
|
| USD 6.5 bn |
1 |
USD 6.50 bn |
2.8% |
USD 6.69 bn |
United States |
Amaranth Advisors[13] |
Gas Futures |
2006
|
Brian Hunter
|
| USD 4.6 bn |
1 |
USD 4.6 bn |
27.2% |
USD 5.85 bn |
United States |
Long Term Capital Management[14] |
Bond Arbitrage |
1998
|
John Meriwether
|
| EUR 4 bn |
|
|
|
USD 4 bn |
 Netherlands |
PFZW[15] |
Oil futures |
2020
|
|
| USD 4.5 bn
|
1
|
USD 4.5 bn
|
-19.4%
|
USD 3.6 bn
|
United States
|
Melvin Capital[16] |
Short positions on Gamestop and other US equities
|
2021
|
Gabriel Plotkin
|
| USD 4.1 bn |
1 |
USD 4.1 bn |
-14.9% |
USD 3.49 bn |
United States |
Pershing Square[17] |
Valeant Pharmaceuticals |
2015-2017
|
Bill Ackman
|
| JPY 285 bn |
108.78 |
USD 2.62 bn |
32.1% |
USD 3.46 bn |
 Japan |
Sumitomo Corporation[18] |
Copper Futures |
1996
|
Yasuo Hamanaka
|
| BRL 4.62 bn |
1.833 |
USD 2.52 bn |
−3.7% |
USD 2.43 bn |
 Brazil |
Aracruz[19][20] |
FX Options |
2008
|
Isac Zagury, Rafael Sotero
|
| USD 2.4 bn |
|
|
|
USD 2.4 bn |
United States |
SemGroup[21] |
Oil Futures |
2008
|
| USD 1.7 bn[22] |
1 |
USD 1.7 bn |
39.9% |
USD 2.38 bn |
United States |
Orange County[23] |
Leveraged bond investments |
1994
|
Robert Citron
|
| DEM 2.63 bn |
1.655 |
USD 1.59 bn |
43.5% |
USD 2.28 bn |
 Germany |
Metallgesellschaft[24] |
Oil Futures |
1993
|
Heinz Schimmelbusch[25] |
| JPY 166 bn |
111.08 |
USD 1.49 bn |
43.5% |
USD 2.14 bn |
Japan |
Showa Shell Sekiyu[26][27] |
FX Forwards |
1993
|
|
| JPY 153.6 bn |
102.18 |
USD 1.50 bn |
39.9% |
USD 2.09 bn |
Japan |
Kashima Oil[27] |
FX Forwards |
1994
|
|
| USD 2 bn |
|
|
|
USD 2 bn |
United States |
Tiger Management[28] |
Shorting Japanese yen |
1998
|
|
| USD 2 bn |
1 |
USD 2 bn |
−8.5% |
USD 1.83 bn |
United Kingdom |
UBS[29] |
Equities ETF and Delta 1 |
2011
|
Kweku Adoboli
|
| HKD 14.7 bn |
7.786 |
USD 1.89 bn |
−3.7% |
USD 1.82 bn |
China |
CITIC Pacific[30] |
Foreign Exchange Trading |
2008
|
Frances Yung
|
| GBP 827 mn |
0.633 |
USD 1.31 bn |
36.1% |
USD 1.78 bn |
 Singapore |
Barings Bank[31] |
Nikkei Futures |
1995
|
Nick Leeson
|
| RUB 78.5 bn
|
38.98
|
USD 2.01 bn
|
−12.6%
|
USD 1.76 bn
|
 Russia
|
Transneft[32][33][34][35] |
Derivatives
|
2014
|
Maksim Grishanin, VP Finance
|
| USD 1.8 bn |
1 |
USD 1.8 bn |
−3.7% |
USD 1.74 bn |
United States |
Deutsche Bank[36] |
Derivatives |
2008
|
Boaz Weinstein
|
| USD 1.6 bn |
|
|
|
USD 1.6 bn |
United States |
Icahn Enterprises[37] |
Hertz |
2020
|
Carl Icahn
|
| JPY 130 bn |
|
|
|
USD 1.6 bn |
Japan |
AIJ Investment Advisors[38] |
Volatility options |
2012
|
Kazuhiko Asakawa
|
| USD 1.75 (EUR 1.4) bn |
0.923 |
USD 1.29 bn [39] |
20.4% |
USD 1.56 bn |
 Austria |
BAWAG[40] |
Foreign Exchange Trading |
2000 [39] |
Wolfgang Flöttl, Helmut Elsner[40] |
| USD 1.1 bn |
1 |
USD 1.10 bn |
36.1% |
USD 1.50 bn |
Japan |
Daiwa Bank[41] |
Bonds |
1995
|
Toshihide Iguchi
|
| USD 0.80 bn |
1 |
USD 0.80 bn |
82.5% |
USD 1.46 bn |
United Kingdom |
Soros Fund[42] |
SP 500 Futures |
1987
|
George Soros
|
| USD 1 bn |
1 |
USD 1 bn |
252.5% |
USD 2.52 bn |
United States |
Hunt Brothers |
Silver |
1980
|
William Hunt, Nelson Hunt
|
| USD 0.94 (EUR 0.75) bn |
0.679 |
USD 1.10 bn |
−3.7% |
USD 1.06 bn |
France |
Groupe Caisse d’Epargne[43][44] |
Derivatives |
2008
|
Boris Picano-Nacci
|
| BRL 2 bn |
1.833 |
USD 1.09 bn |
−3.7% |
USD 1.05 bn |
Brazil |
Sadia[19][20][45] |
FX and Credit Options |
2008
|
Adriano Ferreira, Álvaro Ballejo
|
| EUR 0.730 bn
|
|
USD 1 bn≈
|
|
USD 1 bn≈
|
 Italy
|
Monte dei Paschi di Siena[46] |
Synthetic CDOs, Credit Default Swaps on Italian government bonds, equity swaps on Intesa Sanpaolo shares[47] |
2005-2009
|
|
| GBP 0.4 bn |
0.611 |
USD 0.66 bn |
29.2% |
USD 0.85 bn |
United Kingdom |
Morgan Grenfell[48] |
Shares |
1997
|
Peter Young
|
| USD 0.6 bn |
1 |
USD 0.60 bn |
39.9% |
USD 0.84 bn |
United States |
Askin Capital Management[49] |
Mortgage-Backed Securities |
1994
|
David Askin
|
| USD 0.75 (EUR 0.60) bn |
1.371 |
USD 0.82 bn |
0.0 |
USD 0.82 bn |
Germany |
WestLB[50] |
Common and Preferred Shares |
2007
|
Friedhelm Breuers[51] |
| USD 0.69 bn |
1 |
USD 0.69 bn |
15.3% |
USD 0.80 bn |
United States |
AIB/Allfirst[52] |
Foreign Exchange Options |
2002
|
John Rusnak
|
| S$1.13 bn |
|
|
|
USD 0.80 bn |
Singapore |
Hin Leong Trading |
Oil |
2020
|
| DEM 0.47 bn |
2.587 |
USD 0.18 bn |
320.6% |
USD 0.76 bn |
Germany |
Herstatt Bank[53][54] |
Foreign Exchange Trading |
1974
|
Dany Dattel
|
| USD 0.77 bn |
|
|
|
USD 0.77 bn |
United States |
Arkansas Teacher Retirement System[55] |
volatility-trading fund |
2020
|
|
|
|
USD 0.68 bn |
0% |
USD 0.68 bn |
China |
Unipec |
Oil |
2018
|
[56][57] |
|
|
|
|
USD 0.65 bn |
United States |
Quantum Fund |
Japanese Yen Shorting |
1994
|
Stanley Druckenmiller[58] |
| CAD 0.68 bn |
1.066 |
USD 0.64 bn |
0% |
USD 0.64 bn |
 Canada |
Bank of Montreal[59][60] |
Natural gas derivatives |
2007
|
David Lee, Kevin Cassidy [61][62] |
|
|
|
|
USD 0.6 bn |
United States |
Quantum Fund |
Short IT stocks during the internet bubble |
1999
|
Stanley Druckenmiller[58] |
| USD 0.55 bn |
1 |
USD 0.55 bn |
9.8% |
USD 0.60 bn |
China |
China Aviation Oil (Singapore)[63] |
Oil Futures and Options |
2004
|
Chen Jiulin
|
|
|
|
|
USD 0.57 bn |
China |
COSCO Shipping[64] |
Freight derivatives |
2008
|
|
| CHF 0.63 bn |
1.451 |
USD 0.43 bn |
27.2% |
USD 0.55 bn |
 Switzerland |
Union Bank of Switzerland[65] |
Equity Derivatives |
1998
|
Ramy Goldstein
|
| USD 0.52 bn |
|
|
|
USD 0.52 bn |
United States |
State Teachers Retirement System of Ohio[66] |
Panda Power Funds |
2011-2021 |
|
| USD 0.44 bn |
1 |
USD 0.44 bn |
82.5% |
USD 0.44 bn |
United States |
Knight Capital Group |
Equities |
2012
|
Thomas Joyce
|
| USD 0.28 bn |
1 |
USD 0.28 bn |
82.5% |
USD 0.51 bn |
United States |
Merrill Lynch[67] |
Mortgages (IOs and POs) Trading |
1987
|
Howard A. Rubin
|
| USD 0.28 bn |
1 |
USD 0.28 bn |
82.5% |
USD 0.51 bn |
United States |
State of West Virginia[68] |
Fixed Income and Interest Rate Derivatives |
1987
|
A. James Manchin
|
| USD 0.35 bn |
1 |
USD 0.35 bn |
39.9% |
USD 0.49 bn |
United States |
Kidder Peabody[69] |
Government Bonds |
1994
|
Joseph Jett
|
| USD 0.4 bn |
1 |
USD 0.40 bn |
20.4% |
USD 0.48 bn |
United States |
Manhattan Investment Fund[70] |
Short IT stocks during the internet bubble |
2000
|
Michael Berger
|
| USD 0.37 (EUR 0.30) bn |
1.244 |
USD 0.37 bn |
9.8% |
USD 0.41 bn |
Austria |
Hypo Alpe-Adria-Bank International[71] |
Foreign Exchange Trading |
2004
|
|
|
1 |
|
|
USD 0.4 bn |
United States |
Pershing Square[72] |
Netflix |
2022
|
Bill Ackman
|
| USD 0.35 bn |
1 |
USD 0.35 bn |
0.0% |
USD 0.35 bn |
United States |
Calyon[73] |
Credit Derivatives |
2007
|
Richard “Chip” Bierbaum
|
| USD 0.36 bn |
1 |
USD 0.36 bn |
0.0% |
USD 0.36 bn |
Singapore |
Petro-Diamond Singapore[74][75][76] |
Oil derivatives |
2019
|
Wang Xingchen, Jack[77] |
| AUD 0.36 bn |
1.171 |
USD 0.31 bn |
9.8% |
USD 0.34 bn |
 Australia |
National Australia Bank[78] |
Foreign Exchange Trading |
2004
|
Luke Duffy, Gianni Gray, Vince Ficarra & David Bullen[79] |
| JPY 28.6 bn |
|
|
|
USD 0.34 bn |
Japan |
Tateho Chemical Industries |
Bond futures |
1987 |
[80] |
| JPY 32 bn |
|
|
|
USD 0.34 bn |
Japan |
Tokyo Securities |
Bond futures |
1994 |
[80] |
| USD 0.078 bn |
1 |
USD 0.078 bn |
320.4% |
USD 0.328 bn |
Switzerland |
Lloyds Bank[81] |
Foreign Exchange Trading |
1974
|
Marc Colombo
|
| USD 0.37 (EUR 0.30) bn |
0.895 |
USD 0.27 bn |
17.1% |
USD 0.31 bn |
 Belgium |
Dexia Bank[82] |
Corporate Bonds |
2001
|
|
| USD 0.296 bn (EUR 0.26) bn |
1.11 |
USD 0.296 bn |
-1% |
USD 0.296 bn |
 Hong Kong |
Natixis[83] |
Equities Derivatives |
2018
|
|
| USD 0.25 bn+ |
1 |
USD 0.25 bn+ |
|
|
United States |
Parplus Partners[84] |
CBOE Volatility Index futures and options |
2020
|
Jim Carney
|
| USD 0.225 bn |
1 |
USD 0.225 bn |
43.5% |
USD 0.30 bn |
United States |
FXCM[85] |
Foreign exchange |
2015
|
|
| USD 0.207 bn |
1 |
USD 0.207 bn |
43.5% |
USD 0.30 bn |
 Chile |
Codelco[86] |
Copper, silver, gold futures |
1993
|
Juan Pablo Davila
|
| EUR 0.160
|
1.1
|
USD 0.176 bn
|
0%
|
USD 0.176bn
|
Germany
|
BNP Paribas Arbitrage
|
Structured products
|
2016
|
Armin S.[87] |
| JPY 11.5 bn |
|
|
|
USD 0.28 bn |
Japan/ United States |
Fuji Bank New York Branch[80] |
Foreign exchange trading |
1984 |
|
|
|
|
|
USD 0.28 bn |
United Kingdom |
Allied-Lyons[88] |
FX derivatives |
1991 |
|
| USD 0.28 bn |
1 |
USD 0.28 bn |
|
|
United States |
Raytheon Technologies Corporation Pension Administration and Investment Committee[89] |
volatility-trading fund |
2020
|
|
| JPY 9.7 bn |
|
|
|
USD 0.24 bn |
Japan/ Singapore |
Dai-Ichi Kangyo Bank Singapore Branch |
Foreign exchange trading |
1982 |
Haruo Kanda[80] |
| JPY 22.9 bn |
|
|
|
USD 0.23 bn |
Japan |
Nanzan Gakuen[90] |
Equity derivatives |
2008
|
|
| USD 0.16 bn |
1 |
USD 0.16 bn |
39.9% |
USD 0.22 bn |
United States |
Procter & Gamble[91] |
Interest rate derivatives |
1994
|
Raymond Mains
|
| USD 0.04 bn |
1 |
USD 0.04 bn |
433.8% |
USD 0.214 bn |
Switzerland |
United California Bank of Basel[92] |
Cocoa futures |
1970 |
Paul Erdman
|
| USD 0.2 bn |
1 |
USD 0.20 bn |
6.2% |
USD 0.21 bn |
China |
State Reserves Bureau Copper Scandal[93] |
Copper Futures |
2005
|
Liu Qibing[94] |
| HKD 1.38 bn |
|
|
|
USD 0.17 bn |
Hong Kong |
Chinese Estates[95] |
Evergrande |
2021
|
|
| GBP 0.09 bn |
0.611 |
USD 0.15 bn |
29.2% |
USD 0.19 bn |
United Kingdom |
NatWest[96] |
Interest Rate Options |
1997
|
Kyriacos Papouis
|
| USD 0.039 bn |
1 |
USD 0.039 bn |
320.4% |
USD 0.164 bn |
United States |
Franklin National Bank[97] |
Foreign Exchange Trading |
1974 |
Peter Shaddick
|
| USD 0.11 bn |
1 |
USD 0.11 bn |
39.9% |
USD 0.15 bn |
United States |
Cuyahoga County, Ohio[98] |
Leveraged Fixed Income |
1994
|
|
| JPY 15.4 bn |
|
|
|
USD 0.15 bn |
Japan |
Komazawa Gakuen[99] |
Currency Derivatives |
2008
|
|
| SEK 1.23 bn |
7.804 |
USD 0.15 bn |
−4.8% |
USD 0.143 bn |
 Sweden |
HQ Bank[100] |
Equity Derivatives |
2010
|
Fredrik Crafoord, Mikael König, Patrik Emblad
|
| USD 0.15 bn |
|
|
|
USD 0.15 bn |
United States |
OptionSellers.com[101] |
commodity trading |
2018 |
James S. Cordier
|
| JPY 13.9 bn |
|
|
|
USD 0.14 bn |
Japan |
Nippon Steel Chemical |
Bond futures |
1993 |
[80] |
| USD 0.14 bn |
1 |
USD 0.14 bn |
−3.7% |
USD 0.13 bn |
United States |
MF Global[102] |
Wheat Futures |
2008
|
Evan Dooley
|
|
|
|
N/A |
USD 0.13 bn |
Japan |
self-portfolio |
Bitcoin |
2017-2018
|
Masayoshi Son[103] |
| USD 0.120 bn |
1 |
USD 0.12 bn |
−3,7% |
USD 0.12 bn |
United States |
Morgan Stanley[104] |
Credit-index options |
2008
|
Matt Piper
|
| USD 0.12 (EUR 0.1) bn |
1 |
USD 0.12 bn |
−1% |
USD 0.12 bn |
 Norway |
Einar Aas[105] |
Nordpool Power Derivatives |
2018
|
Einar Aas
|
| JPY 11.9 bn |
|
|
|
USD 0.12 bn |
Japan |
Nippon Sanso |
Interest rate swap |
1995 |
[80] |
| USD 0.1 bn |
1 |
USD 0.10 bn |
15.3% |
USD 0.12 bn |
 Croatia |
Riječka banka (Rijeka Bank)[106] |
Foreign Exchange Trading |
2002
|
Eduard Nodilo
|
| HKD 1 bn |
|
|
|
USD 0.12 bn |
Hong Kong |
Blue River Holdings[107] |
Evergrande Vehicle |
2021
|
|
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