We need some way of quantifying crypto flows other than market cap. With a stock, the market cap makes sense as an overall net present value of cashflows that

We need some way of quantifying crypto flows other than market cap. With a stock, the market cap makes sense as an overall net present value of cashflows that would accrue to someone who owned 100% of the shares. And companies really are sold at values near market caps if they go private. Bonds have a redemption value. Crypto coins have no cashflows or underlying value. The money that was lost in this scheme was whatever was put in. And it wasn't capital that evaporated. It was instead a transfer to those who produced and sold the coins. With a business capital really can evaporate. You can buy the wrong equipment, pay the wrong people and value is destroyed. But crypto coins are just a transfer. So, the true question here is how much was transferred from those who bought to those who minted the coins or got in early?