Quadriga’s downfall effect on markets

For the past 48 hours, Quadriga's scam has been front news up here. Most report concluded in the danger of investing in cryptos. We all know better than to leave all our money sitting on exchanges, unless actively trading. This will scare people away from cryptos. Now is it a coincidence with the market going south; I ask the question. I sympathies with the people who lost money, but all this noise around Quadriga is hurting cryptos.