Sam Bankman-Fried's FTX sudden and spectacular implosion this week has put the world ofcryptocurrencies on edge.

The digital-asset exchange filed for Chapter 11. The move ended a week of chaos that began with the revelation of FTX's shaky financial situation.

The company said Tuesday it had agreed a deal to bail out FTX. The exchange's customers withdrew $6 billion in just 72 hours due to rumors of insolvency.

Bankman-Fried had to beg for the billions of dollars it needed elsewhere after a review of FTX's balance sheet.

The fiasco has made people think about Lehman Brothers, the bank whose 2008 collapse is credited with sparking off the financial crisis.

The experts have their say about the debacle.

Larry Summers, former US Treasury Secretary 

The Harvard economics professor said that what's happening in the last few days will scare people and cause regulators to act.

The risk of FTX sparking a Lehman-like collapse was assessed by Summers.

The banking system is riskier than it was. The Fed is on hairtrigger alert. After what happened during the early stages of Covid, we have more willingness to leak information.

Billionaire investor Carl Icahn, chairman of Icahn Enterprises

Icahn said that it could spill over.

Mohamed El-Erian, chief economic adviser at Allianz  

El-Erian told CNBC that unlike banks, they are not part of the payments and settlement system.

There has been a lot of irresponsible leverage taken. It shouldn't happen.

Regulators would be playing a lot of catch-up. I think what they are seeing will keep them up.

Wharton professor Jeremy Siegel

Some people are wondering if this is a Lehman moment. Siegel said that the financial system has survived despite the fact that more than half the value has already been lost.

I had money in money market funds when Lehman went under. I had money in the bank. I was thankful that the Fed was backing those assets. It's not possible for tHe coin to have that.

Changpeng Zhao, Binance founder known as "CZ"

The rival exchange's collapse was probably an accurate analogy to the global financial crisis, according to the CEO of the exchange.

cascading effects will be seen when FTX goes down. Those who are close to the FTX will be negatively affected.

Mike Novogratz, CEO of crypto financial firm Galaxy Digital 

It has been a blow to be sure. Markets are all about trust in the system.

This is a story that has been around for a while. The front man of the whole system was a young, charismatic guy in shorts and a hat who was charming the 20 best investors in the world.

This is worse for the infrastructure that was being built for people to buy, sell, lend and promote coins, and so it will be a blow. He told a different story in a separate interview.

Michael Saylor, bitcoin bull and founder of Microstrategy

The industry needs to grow and the regulators are coming into it, according to Saylor.

It's going to make the regulators stronger, and it's going to accelerate their intervention.

Jeremy Allaire, CEO of fintech Circle, a small equity holder in FTX

The entire market cycle has given us a lot of time to reflect on deep issues in the market. The lack of transparency, lack of counter-party visibility, and project treasuries and balance sheets are root causes.

It is disappointing that a technology that was spawned in response to the Lehman Bros moment of 2008 has given rise to its own version of the same.

JP Morgan strategists led by Nikolaos Panigirtzoglou 

The analysts said in a note to clients that it looked like a new cascade of margin calls, deleveraging and platform failures was about to start.

There are fewer entities with strong balance sheets that can rescue those with low capital and high leverage.