I think Warzel's initial premise, that "nobody expected" this, was wrong. Everyone expected this.
I was starting to get concerned about how mainstream "crypto" was becoming. When I logged into my brokerage account at Fidelity for the past few months, I was bombarded with giant banners on their homepage about their new "crypto" funds and about how I could put my 401k in crypto. They stopped running these banners when FTX collapsed. For my part, I had sent Fidelity a note saying their hyping of crypto made the company look irresponsible and risky.
Good for James Block! More people should be speaking up.
I was starting to get concerned about how mainstream "crypto" was becoming. When I logged into my brokerage account at Fidelity for the past few months, I was bombarded with giant banners on their homepage about their new "crypto" funds and about how I could put my 401k in crypto. They stopped running these banners when FTX collapsed. For my part, I had sent Fidelity a note saying their hyping of crypto made the company look irresponsible and risky.
Good for James Block! More people should be speaking up.