What the Hell Happened to FTX? | WIRED

The details are not really that important. Maybe the classic movie line should go, "Forget it, Jack! It's Crypto Town." One more former billionaire who will have to be kept away from high places for a while but little else has changed. Or HAS it? What is significant is that the people who referred to crypto currency as a speculation, not an investment have more evidence that they are correct. 

To be fair the company in question may or may not be guilty of shady dealings - so the collapse may be more complicated than just being overly-invested in crypto and affiliated crypto-instruments.