What currently shakes the crypto industry is unprecedented in scale, reach and gravity.

I cannot remember an event in the last 5 years that undermined the trust of this industry in a similar way. Mt. Gox hack (2014) and the DAO hack (2016) were big at the time.

But FTX is on a different level given how interconnected FTX is in the ecosystem and its reputation in TradFI and the general public.

Remember its super bowl ad this year with Larry David? Or its deal with football star Tom Brady? Or the "FTX Arena" branding for the Miami Heats?

What is happening now destroys the trust that has been built up beyond the core crypto industry with retail, TradFi and other traditional non-finance players entering the space over the last 3-4 years.

The LunaTerra, 3AC and Celsius collapse were forerunners but they were very much more isolated in the space. So was Mt. Gox and the DAO hack.