Two years is nothing. It took the government 20 years to end the Madoff scam and for many of those years Markopolos was screaming about it at the top of his lungs. It wasn't until his family turned him in that the government acted in earnest - and only because he was about to close up shop and give whatever was left to his family a few days later.
These things go on for a long time, often in plain sight, so if that's what is making you feel better about it, stop.
On the other hand the Tether folks signed off on the NYAG settlement where they admitted among other things that basically their entire bankroll was in Hoegner's personal Bank of Montreal account for a while, and that for many years the numbers didn't add up in the slightest. Here, give 'er a skim. [1] And when you're done with that there's always the CTFC settlement. [2]
To quote the CFTC settlement:
> In fact Tether reserves were not “fully-backed” the majority of the time. [2]
If this is a witch hunt we found ourselves a coven.
> Meanwhile, there was no talk on HN about Luna or FTX being a scam before they imploded.
Maybe not on HN but among the crypto skeptics, they called it outright far in advance. Everyone here was too busy 'making money' to listen.
> In finance, when everybody "knows" something, it's 99% likely to be false. Because there is a lot of money to be made knowing actual facts in finance.
I mean basically all the things that were alleged for years were admitted in [1] and [2]. You're confused, crypto isn't finance. Crypto is a mob casino.
There is no money to be made in a mob casino by knowing 'actual facts.' Not any more than there was at Ultimate Bet by knowing that people could see your cards while Hoegner was director of compliance at their parent entity. Unless you're the one looking at the cards that knowledge is purely entertainment value.
[1] https://ag.ny.gov/sites/default/files/2021.02.17_-_settlemen...
[2] https://www.cftc.gov/PressRoom/PressReleases/8450-21