[dlubarov]

And if they didn't know how large the hole was, they must have gotten a pretty good idea before signing the LOI. Even if it was rushed, surely that would be the first question they ask.

It seems clear from CZ's public announcement of a $2b FTT dump that their intention was to destroy FTX and Alameda. So my theory is that the LOI was a trap to put a nail in the coffin, destroying any remaining trust in FTX.

Before they were merely starting rumors; the phony acquisition attempt let them declare "we've seen the books and FTX is unsalvageable".