It seems like all the scams from LUNA to 3AC and to now FTX are somehow connected and all caused each other to happen.

This year in Crypto has undoubtedly been the year of scams, frauds and Ponzi schemes being exposed, just as the famous quote said that once all the tides are lifted we would see who has been swimming naked and we definitely have seen those… Now we could even draw some conclusions that all the different scams since early this year may have caused each other.

So lets begin with LUNA, the first of those big scam being unraveled. This collapse was caused by their own algorithmic stablecoin UST which basically depegged and used up all the reserves from the Luna Foundation which included a lot of BTC and thus made the whole market dumb, the remaining job was done by the panic that was created and Bitcoin fell below $30k. LUNA at its peak was about $50B in market cap and one of the biggest cryptocurrencies especially during the beginning of the bear market.

This collapse directly caused the 3AC collapse too, the largest Crypto hedge fund. According to many of their statements their collapse was also due to the weak market conditions and probably a lot of exposure to LUNA. Many other crypto projects also failed with a lot of exposure to LUNA.

Now finally, FTX was according to SBF at least due to the whole crypto market going down (which is obviously wrong but may have indeed played a role in their collapse). Both 3AC and FTX had a part of their reason for collapse as being unsustainable for a bear market and only being able to thrive during a bull market as the prices remained high.

This is my small speculation and observation about this whole year, would be amazing if you could share your opinion too about this in the comments.