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The FTX Collapse, Explained - WSJ What Went WrongSigns of contagion are evident as prices of almost every cryptocurrency type have halved in recent months. Since all participants supporting the. �Crypto winter� is the industry term for the chill that descended on the market in , and contagion was the name of the game. After the. The collapse of FTX has set off a chain reaction that threatens to topple one of crypto's oldest and most respected institutions.