I think this is the wrong take by CT and Fintwit. Leopold is a victim of leverage but he is not the root cause. His fund's collapse is a good thing but it should be viewed as analogous to 3AC in 2022....a victim of leverage resulting from FTX contagion that wasnt even visible for 6 months later. IMO, I think we'll need to see private credit funds/banks become distressed to get to an SBF/FTX level of bottoming. Likely a bank like Softbank or others who are overleveraged on frontier models.(CryptoCondom)