 excessive leverage implosion. the crypto black swan. “unless regulators move to provide stronger oversight of this burgeoning sector of the cryptocurrency world, the risk to the broader financial system is growing. loosely defined, the shadow banking system consists of lenders, brokers and other intermediaries that fall outside the realm of traditional regulated banks. the most infamous participants and casualties are probably lehman brothers and bear stearns, which both failed amid the collapse of the subprime mortgage market.” 🩸☠️