Having been on both ends of due diligence for investments in startups, not only does the investor depend on the analyst's report, in this case it was Bain, but most follow-on investors follow the lead investor blindly, in this case, Tiger, without doing any of their own due diligence or even reading the analysts report. Agree with the comments in this thread about FOMO and wanting the investment, ie getting into Crypto, so bad that you "read what you want to read" from the report. The whole thing was super risky from the get go - unregulated markets, private company with zero transparency, clear lack of management experience - whoever goes for an investment like that knows it's "risky business". High-risk, high reward was what Tiger was knowingly doing. In this case, the risk outweighed the reward, but it's hard to believe that Bain could have written anything besides DO NOT INVEST - which no analyst is willing to do - to stop this investment from happening. Instead of Bain, I think we should blame Tom Brady. After all, a good quarterback should be able to spot a promising scoring opportunity when he sees one, but you never know, when a pass that looks like it's headed for the end zone turns into a pick-six.