I think it was mentioned that one of the reasons was they tried to bailout voyager but voyager went under anyways. They extended a 500mio loan from alameda, whi

I think it was mentioned that one of the reasons was they tried to bailout voyager but voyager went under anyways. They extended a 500mio loan from alameda, which would explain a good chunk of it. Also, having listened to the FTX podcast a few times just to get some idea of what their magic was, there was one episode where Caroline came on, and the gist of it seemed to be that the host Tristan and a lot of the heavy blockchain cool-aid drinkers managed to convince Caroline to toss out good old risk management principles and Yolo it on defi and nft projects. They referred it in Their podcast as "the summer of defi". I guess that might have been a reason as well