What Happened at Alameda Research
> Most news accounts seem to portray the scale of the bankruptcy as relatively small.This is a key point.They lost $16B in customer deposits.LTCM lost $4.6B in investor funds.Enron lost $11B in shareholder capital.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.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.