Many experts have been predicting an extended crypto winter, especially after the epic flameout of TerraUSD and Luna in May. But hardly anyone saw this coming: the spectacular collapse of cryptocurrency exchange FTX, which turned out to be a massive fraud.

Last year’s Crypto.com sales pitch, intoned by actor Matt Damon, now seems almost anachronistic: “History is filled with almosts. With those who almost adventured, who almost achieved, but ultimately for them it proved to be too much. Then there are others. The ones who embrace the moment and commit... They calm their minds and steel their nerves with four simple words that have been whispered by the intrepid since the time of the Romans: Fortune favours the brave.”