STORY: FTX filed for bankruptcy on Friday, one of the highest profile crypto blowups, after traders rushed to withdraw $6 billion from the platform in just 72 hours and rival exchange Binance abandoned a proposed rescue deal.

“The wheels of justice do turn slowly and they will get to the prosecutions," Long added. "I think in this case, there’s been a lot of conversation about the fact that we didn’t see bankers prosecuted in the 2008 financial crisis and I think in this case, the crimes are even clearer in a lot of cases..."

The exchange's dramatic fall from grace has seen its 30-year-old founder Sam Bankman-Fried, known for his shorts and T-shirt attire, morph from being the poster child of crypto's successes to the protagonist of the industry's biggest crash.