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Remember the Wirecard collapse, where there was a fake bank account in the Phillipines that allegedly had $2.1 billion USD in it?

This is the crypto equivalent.



I wonder if (some of) SEC will play the same role in this story as BaFin played in Wirecard's.


Yes, it was actually two accounts: BDO Unibank and Bank of the Philippine Islands.


Has there been any attempt at reform of BaFin in the aftermath -- or has bureaucratic inertia absorbed all such impulses?


The hole in Wirecard's balance sheet almost doesn't seem that bad when you see what kind of hole FTX has.


Garnished with a dash of Bernie Madoff.




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