The crypto world is operating at two speeds at the moment. Companies are going bust, investors are tallying up lost billions, while there is little oversight from regulators despite both the risks to consumers and heavy use of crypto in money laundering and other illegal transactions, like drug sales.
The current 'crypto winter' has seen prices of Bitcoin and other crypto assets plunge, while whole exchanges have gone under. Given that some often act like banks, this means deposits and coin holdings have disappeared alongside trading platforms.
The US has led the way in terms of regulation over cryptocurrencies, including over niche financial practices such as yield farming, where owners lend their coins to others who then pay them a form of interest. But it has operated on a model where the Securities and Exchange Commission (SEC) only defines the boundaries of legality when it believes crypto firms have crossed them, rather than setting clear rules in place initially.