The events of 2022 have called into question whether crypto will (or should) survive. Before FTX collapsed in November, there was the meltdown of stablecoin Terra and its companion coin LUNA, as well as the related implosions of crypto lender Celsius, crypto broker Voyager Digital, and hedge fund Three Arrows Capital, to name a few of the most dramatic failures. At year-end, there were questions about FTX’s onetime rival Binance, which has been confronted with large-scale customer withdrawals and criminal investigations over its compliance practices. Only 12 months ago, many of these companies were lauded as examples of how vision, bold thinking, and audacity could build multi-billion dollar empires overnight. Now, they offer very different lessons.