Crypto’s Onetime Fans Are Calling It Quits After FTX Collapse

Buying crypto was so much fun when it was going up. Now, many onetime fans are getting out.

This year has brought crisis after crisis, raising questions about the industry’s long-term prospects. Two major lenders, Voyager Digital and Celsius Network, filed for bankruptcy this summer. The price of bitcoin has plunged some 75% from its peak late last year. For some traders, the recent collapse of the crypto exchange FTX—which is dragging down other firms—was the last straw.