The comparison would be if investors now suddenly say "Hey, we didn't know FTX were trading with cryptocurrencies, we don't like that!", not that things were hidden behind financials and corporate setups.
Even though the troubles of FTX were hidden behind financials, someone who would look deeper into it would spot issues for sure. But maybe not from a brief look, while in this case with Stability AI, no one didn't even do a brief look?
That line can be pretty fine. Not in the case of FTX but the perfect poison for any investor is a founder or a group of founders that are true believers but that are mistaken all the same. They don't actually know that they are misleading investors, it isn't deliberate but if it was you wouldn't be able to spot the difference.
Even though the troubles of FTX were hidden behind financials, someone who would look deeper into it would spot issues for sure. But maybe not from a brief look, while in this case with Stability AI, no one didn't even do a brief look?