"FTX fell apart not because of whatever possible fraud Bankman-Fried may have committed, but because a sell-off in the value of its own fake currency sparked a huge run on the bank, which FTX did not have the funds to meet. As a result, any crypto traders on an unregulated exchange have to be wondering now whether their money is safe."

A run on the bank wouldn't have mattered if there was no fraud. Funds were stolen and used to make losing bets.