zlacker

They didn't plan for a black swam. I think that they only kept so much money around to do redemptions (fractional reserve) assuming that there wouldn't be a run on the bank. But then when a run on the bank happened, they were screwed as they had been locking up the funds.

>>bhoust+(OP)
startups usually dont have enough resources for a black swan.

but this collapse was entirely predictable- many analysts pointed it out and were mocked by kwon and the self-described LUNAtics.

founders either didn't do enough diligence, or didn't care.

>>dropne+f1
Also startup’s black swan effects are usually of the form “our service is no more” rather than “your savings are no more”.