During the S&L crisis in the 1980s there were many bank failures with clean auditor opinions that turned out to be massively insolvent.
During the early 2000s you had quite a few, including Enron, WorldCom, Tyco, Parmalat and other accounting scandals.
During the 2008 crisis it turned out that large parts of the financial system was insolvent, but all had clean auditor opinions.
As William K. Black says it, in control frauds (where the fraudsters are the the persons in control of the institution), accounting fraud is the weapon of choice.
The problem with Crypto is there's nothing but frauds and Ponzis.
During the early 2000s you had quite a few, including Enron, WorldCom, Tyco, Parmalat and other accounting scandals.
During the 2008 crisis it turned out that large parts of the financial system was insolvent, but all had clean auditor opinions.
As William K. Black says it, in control frauds (where the fraudsters are the the persons in control of the institution), accounting fraud is the weapon of choice.
The problem with Crypto is there's nothing but frauds and Ponzis.