I honestly don't know what to think, on the FTX US issue. Another US-regulated subsidiary of FTX, LedgerX[1], remained solvent and had not let SBF gamble customer assets, and was (somewhat famously) left out of the bankruptcy[2]. And I'm constantly hearing that US regulations are effective at preventing blatant financial fraud, so why would they protect one US-regulated subsidiary but not another?

[1] Though it was created independently of SBF/FTX and only purchased by them. (Note: not to be confused with Ledger hardware wallets.)

[2] https://arstechnica.com/tech-policy/2022/11/sam-bankman-frie...