Even as DeFi remains mostly unregulated, it offers no shield against the legal consequences of alleged fraud.

Federal agencies' complaints against FTX's leaders have led to scrutiny of the banks it worked with. While it's unlikely the bankers will be held accountable for the cryptocurrency exchange's wrongdoing, the case could make it more difficult any bank that wants to work with crypto-related businesses.

Sam Bankman-Fried has tried to suggest he didn't know what was happening at sister firm Alameda Research, which Caroline Ellison ran from Hong Kong while he was in the Bahamas. That casts his role in FTX's collapse as mismanagement rather than fraud. But Gary Wang, who was FTX's co-founder and based in the Bahamas with Bankman-Fried, doesn't fit into that picture.

Sam Bankman-Fried was released on a $250 million bail package after making his first U.S. court appearance to face fraud charges over the collapse of FTX, the cryptocurrency exchange he co-founded.

The remains of Sam Bankman-Fried's former empire FTX Group are drawing interest from some of the largest names in distressed investing, in a daredevil bet that heavily discounted creditor claims on the bankrupt cryptocurrency conglomerate will ultimately pay off.

Banks, fintechs and credit unions are cautiously investing in technology and customer experience as next year's economy remains uncertain.

The top U.S. financial regulators are worried about the prospect of deeper ties between digital-asset firms and Wall Street.

The crypto exchange Binance.US will buy Voyager Digital's assets out of bankruptcy in a deal worth $1.022 billion, a discount to an earlier, failed sale struck with FTX.

Investors are learning the hard way, again, that highflying new financial products, with little or no regulatory oversight, tend to crash.