FRAUD: The Common Denominator in Traditional Finance and Web3

The headlines in the past few weeks have been inundated with FTX - the once high-flying cryptocurrency exchange that went from being one of the most lauded upstarts in the industry to being mired in scandal and embroiled in lawsuits. As shocking as this may be for the crypto ecosystem, which has yet to be regulated, one may be surprised to know that in the traditional world, where financial services have been regulated since the Civil War, financial institutions are still constantly facing regulatory concerns and financial crime.