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Cryptocurrencies: how regulators lost control

FTX has filed for bankruptcy protection in the US after the struggling cryptocurrency exchange failed in a last-ditch effort to secure a rescue package. Earlier this year, leading voices from the cryptocurrency industry, including FTX's Sam Bankman-Fried and Binance CEO 'CZ', told the story of how the cryptocurrency industry ballooned into a market worth more than $2tn with little regulatory oversight. How did regulators lose control and can they get a grip now?