FILE – Text, in yellow, announcing cryptocurrency lender BlockFi’s bankruptcy filing, appears on the company’s website on a smartphone, Nov. 28, 2022, in New York. Over the past few years, a number of companies have attempted to act as the cryptocurrency equivalent of a bank, promising lucrative returns to customers who deposited their bitcoin or other digital assets. In a span of less than 12 months, nearly all of the biggest of those companies have failed spectacularly. (AP Photo/Peter Morgan, File)

NEW YORK (AP) — Over the past few years, a number of companies have attempted to act as the cryptocurrency equivalent of a bank, promising lucrative returns to customers who deposited their bitcoin or other digital assets. In a span of less than 12 months, nearly all of the biggest of those companies have failed spectacularly. Last week, Genesis filed Chapter 11, joining Voyager Digital, Celsius and BlockFi in the list of companies that have either filed for bankruptcy protection or gone out of business. They failed because of a lack of safeguards and a rapid drop in crypto prices. Customers wonder if they’ll recover any of their deposits.