In an industry teeming with scams, Ponzi schemes and bad actors, FTX was widely regarded as one of the few trustworthy operators. The crypto exchange was known for bailing out competitors, rescuing investors from companies that were teetering on the brink of failure, either due to wild swings in cryptocurrency values (or, in some cases, their own malfeasance). FTX was the second-biggest cryptocurrency exchange, a model of stability valued at $32 billion—that is, until its spectacular collapse. This Barron’s article takes a closer look at how it all came crumbling down, and what it means for the crypto market.