A VC fund is set up explicitly to operate this way. Investors know what they’re getting into; investors are the customer and are aware of the risks. They know t

A VC fund is set up explicitly to operate this way. Investors know what they’re getting into; investors are the customer and are aware of the risks. They know they’re gambling. FTX was supposedly a safe place to exchange funds, the customers were uninformed as to the risks they were taking. In fact they were encouraged to believe the risks were low. They did not know they were gambling. It’s really different.