While of course this points to crypto's weaknesses, there are also elements of good old hedge fund skullduggery here too, especially since it was their secrecy

While of course this points to crypto's weaknesses, there are also elements of good old hedge fund skullduggery here too, especially since it was their secrecy about their leverage that drew in so many creditors (even their own employees!): > Everyone in crypto, from the largest lenders to wealthy investors, seemed to have lent 3AC their digital coins, even 3AC’s own employees, who deposited their salaries with its “borrowing desk” in exchange for interest. Many hedge funds and megabanks run huge trades in the dark and pile up leverage with virtually no oversight. Apparently the "London Whale" of 2012 was headed toward defaulting on trillions due to his habit for doubling down poker style. One wonders if crypto is actually constraining contagion here to larger markets ...