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As part of the bankruptcy filings, John J. Ray III was appointed as the new chief executive of FTX Group. Ray previously served senior roles in bankruptcies — including Enron Corp.

“The regulatory community ought to draw two lessons from this” episode, said Summers, a Harvard University professor and paid contributor to Bloomberg Television. First is the need for “more forensic accountants” to help detect issues at both the corporate and national level, he said.

Second, there should be a rule for “everything that touches finance” that people in positions of responsibility take a week or two off each year, disconnected from their work. Other observers have pointed out that individuals engaged in financial malfeasance need constant monitoring of their positions to keep problems hidden.

“This is probably less about the complexities of the nuances of the rules of crypto regulation” than it is about classic financial fraud, Summers said.

Cryptoverse rocked by massive implosion — and the reverberations still linger