One year after FTX imploded, here’s how crypto is changing
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For many who trade cryptocurrencies for a living, the events of a year ago are forever etched in memory. “The worst day of my career, and one of the worst days of my life — the day FTX froze withdrawals,” is how Travis Kling, who runs Ikigai Asset Management, described it in a series of tweets on Nov. 7. Four days later, Sam Bankman-Fried's exchange filed for bankruptcy, ushering in arguably the darkest days in crypto's history. “The first weeks were incredibly brutal. I didn't sleep much at all. Feelings of terror, guilt and shame. We laid off most of the team,” Kling wrote. A year on, the industry is irrevocably altered — while at the same time in many ways remarkably familiar. Mostly gone are the giddy day traders and the abundant leverage that drove Bitcoin to its November...