> A friend who is deeply involved in this industry told me of the clashing egos. “CZ helped SBF create FTX, let him grow it, and then when it got too big, he destroyed it.”

The situation was entirely the creation of FTX - CZ just amplified the alarm that was already ringing when Alameda's balance sheet issues came to light.

Tl/Dr; SBF ran both an exchange and a hedge fund as allegedly separate companies. His hedge fund made several highly speculative investments during the crypto bull run. They then started bailing out companies in the summer when the tera/Luna stable coin crashed. Along this time falling crypto prices were causing Alameda to get margin called. Eventually SBF took user funds from the exchange to meet the hedge funds margin calls. At that point it became a zombie company. Depending on what you read SBF had less than a billion dollars of assets to 10 billion of liabilities.

The scope of SBF's fraud is being actively uncovered by the community as we speak. It'll be a while before we know the full picture.

Painting this as crypto bro trader war trivializes it and reduces SBF's responsibility. SBF built a house of cards on top of fraud and eventually some wind knocked it down. The responsibility lies with him and his leadership team.