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Regulators have filed major lawsuits against two of the biggest players in the world of crypto currencies, signaling the start of a new battle in their war against crypto.

At the first hearing in FTX's bankruptcy proceedings, lawyers confirmed that millions of dollars are stolen or missing, and revealed stunning details about the downfall of the once-mighty exchange

FTX, one of the world's largest cryptocurrency exchanges, filed for Chapter 11 bankruptcy Friday. It took less than a week for the company, and its once-popular CEO, to wipe out financially.

For the world of crypto, 2022 started with exuberance and ended with its unofficial spokesman in handcuffs.

"I don't bet against this guy," said one investor in Elon Musk's Tesla and Twitter. Others worry that the chaos at Twitter will continue dragging down Tesla values.

Gensler said he would step down on Jan. 20, when Donald Trump will inaugurated as the next president. Gensler took big enforcement actions against the crypto industry.

NPR investigated a crypto scam company known as SpireBit, which stole hundreds of thousands of dollars from Russian-speaking seniors. Now, some of the victims are getting their money back after a lawsuit by Massachusetts authorities.

The scandal involving the "King of Crypto" and the crash of his cryptocurrency exchange FTX continues to unfold. Former CEO Sam Bankman-Fried is under investigation for financial crimes.

Bitcoin is known to be volatile. But recently it has suffered a rash of notable losses. Analysts are looking to the amount of computing power used and the split of a rival cryptocurrency for answers.

The crypto mogul Sam Bankman-Fried has been tried and convicted of orchestrating one of the largest financial frauds in history, but little has changed for people who lost billions when FTX collapsed.