Too often, the finance bros bet big, using the same kind of fragile, nested and interlocking leverage that led to the 2008 financial crisis. Other times they used outright fraud – and they did it off-chain, playing by no rules, with no transparency. They were mistaken for part of the cryptocurrency industry, but it would have been more accurate to think of them as hangers-on and freeloaders, redirecting genuine public interest in crypto to their various unsustainable games.
Source: https://www.coindesk.com/consensus-magazine/2022/12/21/theres-less-money-in-crypto-and-thats-a-good-thing/?utm_medium=referral&utm_source=rss&utm_campaign=headlines