This is true, Archegos is best viewed as fraud. The main actor has a history of fraud, and clearly chose the family office structure precisely because it has le

This is true, Archegos is best viewed as fraud. The main actor has a history of fraud, and clearly chose the family office structure precisely because it has less oversight and allowed him to get away with things he couldn't do with a hedge fund (like lying to brokers about exposure). The losses will be borne by ordinary investors in Credit Suisse. If anything, this is an argument for more regulation of family offices though, and says nothing about the crypto space, which is like the wild west in comparison to this sort of family office (which at least has some reporting requirements and is governmed by the rules of a regulated market). We can't even trust the pricing and transactions on cryptocurrencies as there have been multiple instances of massive frauds perpetrated on users and there is no oversight whatsoever on exchanges.