[variaga]

One hypothetical outcome if FTX had not been shut down when it was might have been "there was never a mass withdrawl of funds from FTX that would trigger an FTX liquidity crisis and Alemeda switched its strategy to 100% HODL, waited until exactly now before selling, thus making all the Alameda investors rich and covering the funds 'invested' by FTX so no harm, no foul".

Amother hypothetical outcome might have been "Alameda continued to make risky, over-leveraged investments, immediately rolling any gains into other over-leversged investments and using FTX's customer's money to cover losses until disaster struck".

I find the second hypothetical a bit more plausible than the first, but I probably just don't understand finance.