"The mighty crypto visionary kingpins, Sam Bankman-Fried of FTX infamy and Do Kwon of the Terraform fraud, once venerated by their "crypto bros," are now in the oldest non-digital place: jail.

Yet the beat goes on, with the largest Wall Street institutions doing what they do best, devising ever more opaque leveraged vehicles for their retail customers to put money into, like Perps. This casino-like financial instrument allows for 100X leveraged bets in an endless loop.

Another new game is to "tokenize" every asset. Remember how well "synthetic" debt instruments worked out? "

Lots more at the article link