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Most of the funds lost to SBF were recovered. And CPZ has a pardon. Crypto has evaporated about $2 trillion in assets since then.

The funds in USD were recovered because bitcoins value is 5x higher than it was when he got arrested.

And a set of fundamentally sound investments, including Anthropic iirc.

This is painting a target around the arrow. AFAIK, they had so much money to throw around for a spray and pray, similar to VC firms

No it’s not. This is not a moral argument.

They made many investments that ended up having a positive ROI. Anthropic was one of them.

I don't understand why you think it's OK to flagrantly violate financial laws for consumer protection, just because the bet got lucky?