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However, the euphoria was short-lived. The year 2022 ushered in a harsh reality dubbed the crypto winter. FTX's catastrophic collapse sent shockwaves through the market, leading to the downfall of multiple crypto lending platforms like Genesis and Celsius. As these institutions faltered, Bankman-Fried faced serious allegations, culminating in a fraud charge and a 25-year prison sentence. Meanwhile, others in the crypto space, such as Z, received shorter sentences for failures related to anti-money laundering controls.