For as long as modern finance existed, there have been bank runs and insolvencies. The lesson in the Alameda-FTX bankruptcy is actually that government regulation is no good for crypto markets.
Decentralized finance (or DeFi) promised the benefits of financial services with the features of blockchain and cryptocurrencies. But the swarms of investors who flocked to it in the 2022 DeFi bubble are still waiting for their payday.