3AC was considered the most important fund in crypto, while Archegos was just one of many in TradFi. However, there are a few parallels between the firms worth noting. First, the numbers are shockingly similar, if not exactly comparable. The second parallel is more important: In the 2010s, fancy investment bankers made the same utterly brain-dead sort of bets as the wild-eyed psychos who (presumably) run money in crypto.
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