The importance of risk control SBF misused user assets for investment and trading Short-term exposure to massive risks got caught by CZ Users withdrew funds in large amounts, leading to a liquidity crisis, and FTX went bankrupt Looking back 3 years later, SBF's investment returns back then reached nearly tens of billions (probably not accounting for share dilution) The returns far exceeded the initial funding gap If SBF hadn't been so aggressive at the time, or if the misuse of funds hadn't been discovered, or if the funding gap wasn't so large Can't imagine how influential SBF would be today But the reinforcement of bad behavior and path dependency might have led SBF to create an even bigger mess