Remember: this is not a cryptocurrency problem, it's a banking problem. This guy created a literal bank. People deposited funds in it. Instead of simply being a custodian, he took the money and "invested" it. And lost it all.
I wish this sort of thing would happen every time bankers screwed things up. Instead the government bails them out.
I wish this sort of thing would happen every time bankers screwed things up. Instead the government bails them out.