Last year, the crypto space saw a lot of horrible incidents that forced several firms into bankruptcy, with over $1.8 billion wiped from the market in the aftermath.

One such event is the $40 billion Terra-Luna ecosystem collapse in May. According to the BIS, over $450 billion vanished from the market after the crash.

About six months later, the world’s third-largest crypto exchange FTX collapsed, removing over $200 billion from the market.