Crypto companies poured millions into soccer sponsorships during the boom, putting their names on shirts and launching digital products aimed directly at supporters. Then the market crashed.
Some crypto firms collapsed, sponsorship deals fell apart and fan tokens linked to some of Europe's biggest clubs plunged in value. But despite the fallout - and growing scrutiny from regulators - crypto never completely disappeared from the sport.
CNBC's Tom Chitty examines what happened when soccer's crypto boom unraveled, how clubs and supporters were affected, and why digital asset companies are still spending money on the world's biggest sport.
This is the second installment in The Score's three-part "Crypto FC" series. Catch up on part one, which explores how crypto became embedded in soccer, and don't miss part three, which asks whether Bitcoin can help build a football club.