FTX Exchange filed for bankruptcy protection in November 2022, causing the entire crypto market to tumble as investors cash out for stablecoins and other non-blockchain-oriented investment vehicles. The fall of FTX came at a difficult time in the crypto market. The industry had already suffered a catastrophic loss of the Terra Luna ecosystem that caused a massive ripple effect on other crypto-oriented organizations such as Three Arrows Capital and Voyager Digital. The industry was also witnessing an unfolding drama of crypto lender Celsius. FTX also brought down other crypto-oriented organizations, including projects like Solana, that heavily depended on the exchange for funding.