I was in a position that gave me more headaches than I'd like; unpleasant but fundamentally I'll get over it (most of my savings are in ETFs and treasury bills). I was able to sell some stock at a bit of a loss, pay for my mortgage and food until I found another decent job. It sucks, I don't like losing money on my investments when I know I could have waited them out had I been employed, but fundamentally not earth-shattering.

But I did read stories about people who really bought into cryptocurrencies, and were really taken for everything they were worth by the Gemini Earn program, which it sounds like your friend was.

I can only hope that the SEC lawsuit against Gemini is successful, and all the investors are made whole; I cannot speak for your friend, but I'd be happy enough to forfeit my interest if I could get my principal back.