The fall of FTX is just the beginning of the crypto collapse

It will come as no comfort to those who have already lost fortunes, but it is remarkable how resilient the crypto currency market has been this year, especially following the collapse of the FTX exchange in November. But if the arrest of FTX founder Sam Bankman-Fried in the Bahamas and the request by US authorities for his extradition isn’t a sign to rush for the exits then I don’t know what is.  

Without trying to pre-judge his case, there is going to be a lot more of this to come. FTX, it is easy to forget, was one of the more trusted players in a market that remains largely unregulated. Bill Clinton and Tony Blair both judged Bankman-Fried to be respectable enough to risk their reputations appearing on a platform with him at a public event. If FTX could go down with all souls lost, then so can other crypto institutions.