> other than Matt Levine, his coverage has been flawless
Yet the takeaway from Matt Levine is consistently that they're fucking idiots, not fraudsters. That nobody bothered to count the money. They didn't transfer customer funds to Alameda, but instead used Alameda bank account for customer deposits because FTX didn't have one. Then they didn't bother to do any accounting to notice the money was disappearing.
ML paints them as more likely to be morons than hucksters knowingly perpetrating a fraud? Or, I've misread all of his recent columns.
Yet the takeaway from Matt Levine is consistently that they're fucking idiots, not fraudsters. That nobody bothered to count the money. They didn't transfer customer funds to Alameda, but instead used Alameda bank account for customer deposits because FTX didn't have one. Then they didn't bother to do any accounting to notice the money was disappearing.
ML paints them as more likely to be morons than hucksters knowingly perpetrating a fraud? Or, I've misread all of his recent columns.