The original story:

https://caucus99percent.com/content/what-hell-ftx

The bankruptcy filing of crypto exchange FTX on Friday did not stop the chaos surrounding the once prominent and trusted crypto trading venue.

I consider Hyman Minsky to be the last, great economist. His most significant discovery is that "stability breeds instability". To paraphrase, the longer a market is stable, the more unstable elements accumulate.
He went on to describe the three phases of a market as such: