Michael Novogratz, CEO of investment firm Galaxy Digital, has urged the crypto community not to wait for a mandatory black swan when investing in crypto firms. A “black swan” is a term that describes an event that has an extremely negative impact on the stock of a company, or on the entire market at once.. For the cryptocurrency market, such events can be called the collapse of the Terra ecosystem and the bankruptcy of the FTX exchange.. But, as Michael Novogratz pointed out, this does not mean that all or most of the companies in the industry are fraudulent. “In fact, it is dangerous to constantly expect a “black swan”, even if such an event has already happened.. It's like seeing criminals in everyone and believing that the industry is run by sociopaths.. Of course, this is not so, a bandit is not hiding behind every tree, ”Novogratz said. At the same time, he noted that one must remain cautious and carefully research firms before investing.. There are no general regulations in the cryptocurrency space yet, and many exchanges receive fines from regulators for violating AML and KYC requirements. Earlier, Novogratz said that the founder of the collapsed FTX exchange, Sam Bankman-Fried, should go to jail for defrauding a huge number of platform customers.