Who will lose the most due to FTX's implosion?

The chorus to regulate cryptocurrency has grown louder since the collapse of FTX. A bill to regulate it is likely to be tabled in Parliament soon. The government has also weighed the option of appointing its capital markets regulator to oversee cryptocurrencies. Meanwhile, the investors of FTX have little hope left from the ongoing liquidation process as the exchange’s entire valuation has now been wiped out. So who are the biggest losers?