>I believe that, had FTX International been given a few weeks, it could likely have utilized its illiquid assets and equity to raise enough financing to make customers substantially whole.”<p>I haven't really been following this because I think crypto is one of the dumbest fucking ideas a human being has ever come up with, but isn't the above quote just describing a ponzi scheme without using the word ponzi?<p>Like, what do the people who cover the losses of the ponzi-schemed customers get, promises of more rounds of fundraising to cover THEIR inevitable future losses?
How does this guy have two parents who are law professors and do things like this? And his various interviews!<p>No lawyer would tell him that’s a good idea. Just shut up! Maybe he’s still in his rebellious-teenager, parents-are-always-wrong phase?<p>If on the other hand he knows there’s no way to avoid serious time he should just plead guilty and go for the best deal he can get!<p>This is so mystifying.