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I think too many people got used to crypto’s “well if the software says it…” mortal/legal/ethical code. They assume that traditional finance isn’t a thoughtful

• junofan 3y ago
  Haven’t FTX’s bankruptcy lawyers already billed $200m? That’s money that isn’t going to FTX’s creditors. Sure, people have scammed larger sums, but I wouldn’t conclude the traditional financial system is thoughtfully designed with checks and balances while lawyers are making hundreds of millions processing bankruptcy transactions. There’s gotta be room for improvement along the moral/legal/ethical dimensions for our current system.
  • martin8412 3y ago
    It takes a lot of effort to unravel such a huge mess. It's impossible to do cheap. The corporate structure has more than 100 legal entities around the globe intentionally designed to obfuscate what's going on. So you need domain experts in each country along with experts on unraveling the structure. In the end, for this particular company, it doesn't matter. The IRS has filed a claim for $30B+ in unpaid taxes. There's nothing left for creditors.
    • junofan 3y ago
      Some of the publicly available billables are outrageous though. 100 entities is pretty common.