Remember when Sequoia had *no governance documents* to prevent SBF from executing fraud at FTX? Fraud only revealed by binance ruthlessly blowing up FTX very publicly? After *everyone* (like even Larry David) endorsed FTX and SBF? Remember that? Remember how ridiculous the simping was? Remember? And remember how they were at least 80,000 bitcoin short? At the time 3-4 months global bitcoin issuance / production.

Now think about where we sit with MSTR and the ETFs and Coinbase. Coinbase claims 2M bitcoin custodied. You think they’re all accounted for?