A new report from KPMG China, The collapse of FTX: Lessons and implications for stakeholders in the crypto industry, reviews the brief but eventful history of the cryptocurrency exchange that filed for bankruptcy protection on 11 November.

The failure of the company, in particular the revelations about how it was being run, has delivered a shock to the virtual assets sector. Our report explores the reasons behind FTX’s rapid downfall, and looks at the implications for regulators, operators, users and investors across the virtual assets space. While the demise of FTX has raised questions about the crypto sector, it also offers an opportunity for stakeholders to create a more transparent market.