A huge chunk of SBF's lobbying was to get on-chain DeFi banned. He was the biggest promoter of regulation, OFAC, KYC, etc in the space. His downfall, which began with the leak of the draft of the anti-DeFi and pro-KYC DCCPA bill he lobbied for, was catalyzed by people (including CZ) becoming enraged at him for trying to hurt FTX's strongest competitors using his DC connections.
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Strangely enough, on-chain defi has no issues with insiders secretly siphoning off funds for their own trading.
No? I thought lots of that on-chain stuff was getting "hacked" all the time.
Yep, No. On chain you can't have "insiders secretly siphoning off funds for their own trading".
Hacking is a different issue (comparable to, lets say MtGox).