These blowups have not been crypto blowups, they have been banking blow-ups. Lending to the wrong entity, misvaluations of collateral, arrogant arbs, followed by depositor runs. See Long Term Capital, Savings & Loan and Sub-Prime blowups. All different versions of the same story
Last month, Shark Tank's Kevin O’Leary said "if there's ever a place I could be that I'm not gonna get in trouble, it's gonna be at FTX."