FTX Contagion
Maybe someone can help illuminate a nagging question I've had for quite sometime around this whole FTX debacle:Practically every single VC seed round story I've heard from new/young founders is that the process is nothing short of a colonoscopy into not only their business, but also their professional network, and even their personal lives!I look at the list of institutional investors, from the "big boys" in the VC game, to pension funds and I can't for the life of me believe the current narrative that every level of due diligence checks seemed to fail in this single edge case.From a systems perspective this doesn't make me think "oh what a crazy one off, people must have been sleeping at the wheel", this makes me think "this isn't a bug, this is a feature."So the real question is, how many more proverbial rotten apples are in the basket of VC?