Comment by woeirua

This kind of systemic risk did not exist in the crypto space in 2017. USDC didn't even exist yet, and USDT was a small player. The exchanges have always been the major risk factor for crypto (see: Mt. Gox and the other exchanges that have swallowed their customers crypto along the way), but it's not until the last few years that the fate of all the exchanges have been linked together. That's why this time is different.