Frankfurt, Jerusalem It is arguably one of the biggest crypto scandals in history: the bankruptcy of what was once the third largest crypto exchange in the world, FTX. The US Securities and Exchange Commission, the Department of Justice, and a host of other agencies have targeted FTX and its founder, Sam Bankman-Fried. Bankman-Fried, the former star of the scene, is suspected of being a major con man. He is accused of, among other things, racking up billions in losses on his Alameda Research hedge fund with funds from FTX clients.

It’s the third major crypto crisis of the year: In mid-May, the Terra crypto project crashed, wiping out around $50 billion in investor assets. And in July, the crypto platform Celsius Network filed for bankruptcy. But what lessons can investors, crypto platforms and regulators now learn from the renewed crisis?