Matt Levine’s Money Stuff: FTX Was Not Very Careful

Programming note: Money Stuff will be off tomorrow, back on Monday.

FTX

I don’t want to minimize the likelihood of intentional fraud and theft. Stuff seems bad. But I want to say that the story of FTX also reads like what would happen if you and a few of your college friends set up a gigantic international financial exchange after like a year or two of working in finance. Oh, your friends are smart. They have decent intuitions about financial stuff; they have good ideas for what products to trade and how to trade them; they can code up a ...