This is just old-fashioned fraud. SBF had a Jane Street (trad fi) background. FTX didn't operate a blockchain or develop any blockchain technology on their own.

This is just old-fashioned fraud. SBF had a Jane Street (trad fi) background. FTX didn't operate a blockchain or develop any blockchain technology on their own. They operated a trading platform that was run on Python and SQL. Then they embezzled funds and hid the trail.