In class, we discussed the recent news about crypto exchange giant FTX. FTX filed for Chapter 11 bankruptcy protection on Nov. 11, 2022. The companys valuation plunged from $32 billion to bankruptcy in a matter of days, dragging down founder and CEO Sam Bankman-Frieds $16 billion net worth to near-zero. FTXs collapse shook the volatile crypto market, which lost billions in value, dropping below $1 trillion. The consequences of FTXs rapid decline and collapse will likely impact cryptocurrencies well into the future and could even drag down broader markets.

Does the collapse of FTX create systematic risk or unsystematic risk in the market? Provide a sentence to support your answer.