After a difficult year for digital assets, many investors were blindsided by the recent collapse of cryptocurrency exchange FTX, as customers wait for answers about an estimated $1 billion to $2 billion of missing funds.

While the future of the company — and investigations into the vanishing assets — are in limbo as FTX enters bankruptcy protection, experts say there are key lessons for crypto investors.

“The FTX collapse provides harsh reminders that ‘there is no such thing as a free lunch’ when trying to make a quick buck in a still fairly new, unregulated financial industry,” said certified financial planner Jon Ulin, CEO of Ulin & Co. Wealth Management in Boca Raton, Florida.

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You should invest “what you are willing to lose 100%, like in Vegas,” and “discretion and skepticism” should be exercised when weighing assets and related products pitched by “pro-athletes, celebrities and media personalities,” Ulin said.

Here are four other lessons for investors from FTX’s downfall.

Kevin Lum, a CFP and founder of Foundry…