  This paper investigates the cryptocurrency network of the FTX exchange during
the collapse of its native token, FTT, to understand how network structures
adapt to significant financial disruptions, by exploiting vertex centrality
measures. Using proprietary data on the transactional relationships between
various cryptocurrencies, we construct the filtered correlation matrix to
identify the most significant relations in the FTX and Binance markets. By
using suitable centrality measures - closeness and information centrality - we
assess network stability during FTX's bankruptcy. The findings document the
appropriateness of such vertex centralities in understanding the resilience and
vulnerabilities of financial networks. By tracking the changes in centrality
values before and during the FTX crisis, this study provides useful insights
into the structural dynamics of the cryptocurrency market. Results reveal how
different cryptocurrencies experienced shifts in their network roles due to the
crisis. Moreover, our findings highlight the interconnectedness of
cryptocurrency markets and how the failure of a single entity can lead to
widespread repercussions that destabilize other nodes of the network.
