According to CoinDesk, the collapse of FTX and Alameda Research impacts the centralized finance (CeFi) part of the crypto industry the most, Bernstein said in a research report Monday. Part of the crypto ecosystem is exposed to this event, but it is not the entire industry, the report added.

The decentralized finance (DeFi) ecosystem and blockchain-based applications, “gain from this fragility, subject to some regulatory boundaries and negotiations,” analysts Gautam Chhugani and Manas Agrawal wrote. DeFi is an umbrella term for a variety of financial applications carried out on blockchains.

“FTX feels closer to Enron than Lehman,” the report said. FTX was the third largest exchange with only a 10% market share, but the “noise it has created has been disproportionately more,” perhaps because of the profile of its founder Sam Bankman-Fried, who was hailed as the “genius industry savior.”

Enron and Lehman were two famous corporate collapses that occurred in TradFi in the years prior to the creation of the first cryptocurrency bitcoin (BTC) in 2009, and were the result of accounting scandals.