Yeah as a technical matter $4.3bn wiped out is kind of wrong. If I issue a billion iffy coins, sell one for a dollar and then it goes to zero that's more one dollar wiped than the theoretical billion.
I'd say this is $600m transferred from investors to insiders.
An interesting question is how much of that $600m was degen gamblers and how much was bribes.
100%. i have a basically unlimited Claude balance at work. I do not think of cost except for fun. CEO thinks every engineer has to use AI because nobody is gonna just be using text editors alone in the future.
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