Madoff was also involved in a highly regulated industry. That's one thing that confuses me about all of this. A main selling point - probably _the_ main selling point - for crypto has been that it allows users to avoid the current legal framework. And that was also the main reason FTX gave for moving to the Bahamas - there was much less regulations.

It's strange to see people actively seeking a space outside of the government's legal jurisdiction, and then getting incensed that the government isn't entering that jurisdiction more quickly to protect them when things inevitably go sideways.