Crypto’s been in a lull lately, stuck between disinterested traders on one hand and regulatory ire on the other. This week’s trial of Sam Bankman-Fried is a stark reminder of how it got there, and why investors should be cautious.

Last November, crypto trading platform FTX crashed in rapid fashion. Billions of dollars in customer funds went missing, and prosecutors alleged that founder Bankman-Fried and other senior executives diverted customer tokens to enrich themselves and support other projects.