All of the above. Alameda Research was clearly in the top of the worst hedge funds ever, and clearly they had terrible controls and accounting. However, witho

All of the above. Alameda Research was clearly in the top of the worst hedge funds ever, and clearly they had terrible controls and accounting. However, without (c) you don't get this epic disaster. From SBF's tweets it is clear that they were aware they had to keep customer funds segregated. Remember the time they tried to pretend that USD is protected by the FDIC? https://www.cnbc.com/2022/08/19/crypto-firm-ftx-receives-cease-and-desist-from-fdic-about-insurance.html https://www.cnbc.com/2022/08/19/crypto-firm-ftx-receives-cea... Well, actually it was protected by the FDIC, but not from FTX.