No surprise whatsoever. They killed a competitor, avoided being on the hook for ~$6B in missing funds and without paying anything they are basically inheriting all FTX customers still happy to trade crypto. FTX or whatever is left will be under massive legal scrutiny for years to come. The "institutional investors" they were attracting and lobbying for are the kind of folks you don't want legal battles with.

Meanwhile, FTX is still operating (!), accepting new users and accepting customer deposits even though it is insolvent. If you haven't been following the crypto news much or aren't on Twitter, you will have received ZERO direct communication from FTX that they are insolvent (not even an email). This is coming from someone who went on the record[0] trying to lobby, blaming the financial industry for lack of transparency and taking on too much risk and publicly lying that FTX doesn't use customer funds to trade (tweets have since been deleted)[1]

[0] https://twitter.com/HaloCrypto/status/1590417311839981569

[1] https://cointelegraph.com/news/ftx-founder-sam-bankman-fried...