An abbreviated version of the conspiracy theory is that FTX's tokenized stock, which were assumed to be backed 1:1 with actual share holdings, were used to hide some of the extremely large short positions that caused the the short squeeze in January 2021 - the central thesis of the whole shebang being that those positions were never actually closed, just covered by various means that got them off of investors' books.

Watching from the sidelines, I can't decide if it's "scientists warning about climate change" or "homeless guy on the corner holding a 'THE END IS NEAR' sign". It seems impossible that they could be right, but then wacky, Madoff-level stuff like this happens, and I'm like, "Huh, maybe the scale of the brazen criminality that's implied isn't actually too large for reality to abide."

ukraine, biden, etc etc etc