Following the spectacular collapse of FTX into bankruptcy last week, investors have reportedly been rushing to withdraw funds from rival exchanges. Contagion fears have focused on Crypto.com, a Singapore-based exchange. But the reaction of bitcoin, the flagship crypto, has been oddly muted.

Chief executive Kris Marszalek said he would publish proof of Crypto.com’s reserves “within weeks”. This seemed a tardy way for a data-driven business to forestall an incipient run by investors. The statements of crypto entrepreneurs now need verification by boring, old-fashioned auditors, it seems.

FTX appears to have net liabilities of some $8bn. Classic smashes of financial companies have often featured steep asset mark-ups that come unstuck. Authorities in the Bahamas, FTX’s base, are investigating whether criminal wrongdoing occurred.