I can't figure out why the media is doing such a terrible job covering this (other than Matt Levine, his coverage has been flawless).
Is it because SBF gave a bunch of money to politicians? Is it because FTX got investment dollars from prominent VCs? Is it because journalists do not understand crypto, like, at all? Is it because he bamboozled journalists by talking so much about Effective Altruism?
Nobody, literally nobody, said Bernie Madoff was "suffering from a solvency crisis." They said he lied and stole money. And yet SBF's alleged crimes are quite similar in nature, but he's portrayed as suffering from market conditions beyond his control. So was Madoff. If Madoff got lucky and his portfolio doubled in a year, then he too would have been able to make customers whole. But even if that happened, he still lied and stole, just like SBF.
Is it because SBF gave a bunch of money to politicians? Is it because FTX got investment dollars from prominent VCs? Is it because journalists do not understand crypto, like, at all? Is it because he bamboozled journalists by talking so much about Effective Altruism?
Nobody, literally nobody, said Bernie Madoff was "suffering from a solvency crisis." They said he lied and stole money. And yet SBF's alleged crimes are quite similar in nature, but he's portrayed as suffering from market conditions beyond his control. So was Madoff. If Madoff got lucky and his portfolio doubled in a year, then he too would have been able to make customers whole. But even if that happened, he still lied and stole, just like SBF.