At least Matt Levine called FTX a Ponzi scheme to SBF's face [0], to which SBF had no real rebuttal (he tried to make a borrowing argument... but leveraging your Ponzi gains is also classic Ponzi).

It's stunning to me that that interview didn't crash FTX by itself, and it indicates that the industry (fintech, VCs, crypto) is engaged in a huge pump and dump. It's legitimately criminal.

[0]: https://archive.ph/fGLat#selection-3973.7-3973.12 (27:13)