Watergate was an actual conspiracy, that consisted in trying to hide Nixon's shenanigans. Real conspiracies exist. Most of the time if not always, their aim is to hide something inconvenient, not to produce some dramatic evil result. The very plausible conspiracy here is that the Chinese government and some foreign individuals are trying to hide an accident. An entirely implausible conspiracy would be that the virus was deliberately leaked, which makes no sense however you slice it, based on both motive and technical aspects.
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