The theory being is that SA not only had 4x leverage, but telegraphed their position, and the real sharks smelled the chum in the water, and then got their fill?
I think the truth is really that being 4x leverage in the long term is just bad decision making as the stock market is volatile and the "sharks" (Citadel) know this and know that you didn't hedge the volatility (you showed them your books previously) and decided just to wait for you to finish hanging yourself. The difference being a lack of active action by the shark.
Just being 4x leveraged on risky bets is enough for even uncoordinated market factors to eat you, correct?
Is it fair to say that SA was in r/wsb territory, with a lot more of other people's money?