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Well, yes, it was a startup by a bunch of twentysomethings with no real banking experience. There was no partitioning.

> the size of the fines that get imposed on people who fuck with client money.

This is crypto, law doesn't apply here.

Well, that's the marketing pitch at least. So far a lot of exchanges and such like have gone bankrupt or been blatently stolen by their operators and nowhere near enough people have gone to jail.

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I should say that what surprised me wasn't that a bunch of kids started up a company and during that process skirted, if not regulations, at least common sense. But that once serious money got involved and they grew into the millions and then billions of assets under management, nobody was around who could tell them that this was reckless and dangerous

All of the modern startups have skirting laws as a selling point to investors, they want them to be like that. Look at the Greyballing Uber was doing when it was a multinational billion dollar corperation. They actively don't want to play it the right way, they're going for the money.

On the contrary, they were being touted as a shining example of responsible crypto. They paid for a good reputation by donating to the “correct” causes and politicians.

3.5 years at Jane Street Capital. No excuse really...

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