It was a huge illicit money laundering operation. Pol Operators esp. love that stuff, cos it allows one to slush money around the world.

Why do you think a mid-IQ talentless tribe member was able to run such a scam, breaking several laws, accounting rules and self-governance for so long?

Because it was by design from the start and sanctioned by people much higher up.

They just levered it up way too high, so the plug was pulled when the liquidity tide withdrew and showed what a levered ponzi it was.

They will do it again, because they need vehicles like FTX.