[andrewvc]

How do you know that he wasn’t capable of understanding those requirements? It seems just as possible that he consciously chose to ignore prudence in favor of easy profits.

In fact, it seems that he completely did understand the importance of things like separating customer funds between businesses given that FTX claimed to have rigorous procedures around this prior to their collapse. From the outside, it appears that he is trying to save his skin by pleading ignorance.