What Happened at Alameda Research
> Most news accounts seem to portray the scale of the bankruptcy as relatively small.<p>This is a key point.<p>They lost $16B in customer deposits.<p>LTCM lost $4.6B in investor funds.<p>Enron lost $11B in shareholder capital.<p>Interestingly, while Madoff is widely quoted as having lost $65B, that was almost all fabricated paper wealth, actual losses were around $18B and $14.4B of that was recovered and returned.<p>All of these situations are obviously somewhat different, but if what we're starting to hear is correct, FTX may be one of, if not the, biggest financial frauds/scandals in history.  The media doesn't seem to be treating it as such.