FTX

Everyone is acting shocked that SBF and the team at FTX turned out to be a crew of degens living together in an orgy house in the Bahamas.

This happens all too often in these... situations.

And it doesn't take an MIT quant to understand why. Just basic math.

Read on for why.

It's helpful to keep in mind that the crypto collapses this year fall into different categories and are not all interchangeable.

1. 3AC was a hedge-fund collapse. Sure, the fallout across markets wasn't fun. But, unless you were an LP in 3AC, you weren't directly affected.