> The only assets FTX had was other people's money. Not true- which is why this is fraud rather than a “bank run”. FTX claimed to be holding other peoples mone

> The only assets FTX had was other people's money. Not true- which is why this is fraud rather than a “bank run”. FTX claimed to be holding other peoples money in 1:1 custody when in fact it was being funneled to politicians, ngos, private jets, luxury apartments, dogecoin gambling, and likely more that will hopefully be uncovered over time. Whether or not you personally value crypto tokens doesn’t matter here; the fact is that people deposited those tokens into ftx expecting trusted custody when in fact those tokens were sold for a variety of purposes. You can argue whether you feel crypto tokens are worthless but either way trust was violated. Very different from a bank run where you know that the bank is not promising 1:1 custody.