The FTX collapse was bad, but how bad? Almost from the moment that the Bahamas-based exchange suspended cryptocurrency withdrawals in early November — and three days before it filed for bankruptcy — the historic comparisons started flying.

Circle CEO Jeremy Allaire tweeted on Nov. 8 that FTX was “Lehman’s moment,” referencing the 2008 collapse of investment bank Lehman Brothers, which sparked a global financial panic. This analogy stuck, at least over the past four weeks. Even United States Treasury Secretary Janet Yellen employed it last week, telling DealBook:

But, other business parallels have been drawn as well. FTX’s crash might have been more like the 2008 Madoff scandal, for example, given that both scamster Bernie Madoff and FTX founder Sam Bankman-Fried had a knack for “charming regulators and investors” and thus distracting them “from digging in and seeing what’s really going on,” as former Federal Deposit Insurance Corporation chair Sheila Bair told CNN.

Others suggested FTX’s precipitous bankruptcy actually was more like the Enron Corporation’s implosion of 2001. Among common elements, according to former U.S. Treasury Secretary Lawrence Summers, as reported by Bloomberg, were:

Binance chief strategist Patrick Hillman drew similarities between Bankman-Fried and Theranos founder Elizabeth Holmes, whom he described as “completely delusional.”

And on it went.

“There’s no perfect comparison, of course,” Timothy Massad, a research fellow at the Kennedy School of Government at Harvard University and former chairman of the U.S. Commodity Futures Trading Commission, told Cointelegraph.

The key question, said Massad, who also served as the Assistant Secretary for Financial Stability of the U.S. Department of the Treasury,