CNBC

China bans ICOs and orders crypto exchange closures

Seven Chinese government regulators jointly banned all ICOs and ordered domestic cryptocurrency exchanges to shut down. China had been the world's largest Bitcoin mining hub and trading market. Bitcoin's price dropped sharply, but miners relocated to other countries and trading shifted to decentralized platforms.

FTX files for bankruptcy — $8 billion in customer funds missing

FTX, the world's second-largest cryptocurrency exchange, filed for Chapter 11 bankruptcy. Founder Sam Bankman-Fried resigned as CEO. Approximately $8 billion in customer funds had been misappropriated. SBF was later convicted on all seven criminal counts and sentenced to 25 years in prison.