[rnk]

I'm not an expert, but the reason this keeps happening is the financials of these firms are opaque. No one really knows how much they have, how much they have leveraged various investments to make new investments with loans on them. They are not audited. They all claim they are in excellent financial health and then boom they are gone because there are too many withdrawals and they can't pay back all their customers. Of course normal supposedly well-regulated companies also fail like ltcm. But that's systemically limited from regulation mandated from previous problems (like us 1930s).

I'm curious about why was he buying out all those other failing crypto firms? Did he not understand his own situation? Was it binance's triggering via the sale of ftx that triggered customers pulling their money out? Who knows about binance now. Any external investments they had went down in value, their crypto holdings went down. There's not particular reason to worry about binance. I've never bought into these inexplainable crypto giants anyway. How many more are left to fail?