In the wake of Terra/Luna’s collapse in May 2022, followed by FTX’s spectacular demise a few months later, the crypto industry has become a heavy user of Chapter 11 bankruptcy. BlockFi, Celsius, Core Scientific, FTX/Alameda, Genesis Global, Prime Trust, Three Arrows Capital, Voyager — former linchpins of the crypto ecosystem — have all ended up filing. There have been bruising court battles. The legal costs have been staggering. Millions of customers have suffered enormous economic damage, hardship, and disillusionment.