What if the collapse was simply caused by poor business decisions as opposed to outright fraud?!

The narrative going around right now is that SBF and FTX were a giant scam and a house of cards (respectively) basically from the get go...

But, what if that wasn't the case at all?!

What if instead of scamming, those involved were simply trying to keep the crypto market humming along?!

Go with me for a minute here...

SBF has been beyond candid when talking about what happened, at the dismay of his lawyers.

He's likely doing this because in his mind he must believe that he really didn't do anything wrong.

According to him and others, it sounds like Alameda was borrowing funds from FTX to bail out struggling crypto companies.

As the terms of those loans became more difficult to obtain and finance for Alameda, they got FTX to lend them other funds, customer funds.

This is where the rules and possibly the law was broken.

These funds helped shore up Alameda's balance sheet and allowed the to continue to play white knight to the fledgling crypto industry while everyone else around them was failing.

However, when CZ found out this was happening he took this opportunity to take a rival (and much disliked competitor) down.

This isn't to say the guy was completely innocent, but it is much different than the guy stealing customer funds for his personal gain or something of the sort. Instead it was more likely he was simply trying to help a company he had close ties with in order to help an industry he was extremely fond of.

That doesn't sound like the devil incarnate to me, but instead a guy who made a couple bad business decisions and they blow up in his face in spectacular fashion.

He said he's going to put a tweet thread out later today detailing what happened... so we shall find out more very shortly.

*Image Source: https://www.bloomberg.com/news/articles/2021-09-19/ftx-s-bankman-fried-on-crypto-regulation-solana-meltdown-nfts