> FTX on its own could be a nice profitable business Not really. Their tech stack was too slow so other Market Makers weren't willing to come over (the price c

> FTX on its own could be a nice profitable business Not really. Their tech stack was too slow so other Market Makers weren't willing to come over (the price can change and leave them fulfilling sales at bad prices too frequently). So they had Alameda be their market maker and they were constantly burning money doing that. Maybe they believed there would be enough liquidity if they scaled more and it was an investment in their future (a very charitable view) and it was fine to borrow funds in the short term and then that got away from them. But from what we've heard of their tech stack, they weren't ever going to be viable because they couldn't support what HFT would need.