"exacerbated a selloff that foisted steep losses on mom-and-pop owners of Bitcoin and other tokens"

I find this slightly tendentious language to use – there are zero mom-and-pop type investors in crypto, just blind speculators gambling on an essentially worthless Ponzi with close to zero real-world utility. Mom-and-pops put their hard-earned assets into stable long-term stores of safe value, not digital beans.

"The fool and his money are easily parted" is something I want to write on almost every crypto horror-story that appears on HN. The PhD-level quants at the serious banks and funds must lick their lips every time they hear about companies like 3AC, and rightfully hammer the arse out of them at a second's opportunity. A better name would have been 1AC – an arrow pointing right down to minus-zero.