Nobody has any excuse for crypto. FTX is not some outlier. This is what crypto is. Folks makin’ up their own money with obvious results. The moment actual money starts to be reined in, crypto vanishes:
From new John J. Ray, head of FTX resolution and former restructurer of ENRON:
Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here. From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.
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