Who would’ve thought that the implosion of Terra, the collapse of Three Arrows Capital and the bankruptcies of Celsius and Voyager wouldn’t be the most terrible crypto stories of 2022? In retrospect, crypto’s day of reckoning — and the new low for the cycle — hadn’t arrived even after all these tumultuous events. The industry’s cyclical execution occurred this week when FTX — the world’s second-largest crypto exchange — was feared to be insolvent and on the brink of collapse. Those fears stemmed from FTX’s incestuous relationship with Alameda Research, a trading fi ...
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