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New York sues crypto firms for losing over $1 billion
(www.theverge.com)
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this post was submitted on 19 Oct 2023
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Its always stories like this that come to mind anytime someone excuses wealth with, "they deserve it because they took the risk". Whenever that risk doesnt go their way, the government bails them out.
It really is astounding how quickly it goes from a "fuck you I got mine" to "how about we share some wealth around here?"
That's it what the lawsuit is about here. It was the fraudulent misrepresentation of the investments that was illegal.
I dont believe for a second anyone thought these werent risky investments.
You didnt read the whole article. All of these firms also did fraud, not just misrepresenting the risks.
That's because you and I aren't complete fools. But when you pay a bunch of celebrities to talk about their apes, coins, and other moronic shit on national and international TV, less aware people tend to be duped. It's a confidence scam, after all.