FTX wasn't a Ponzi scheme per se. SBF committed fraud by saying they had risk controls in place when they had an exemption for his hedge fund: Alameda Research. FTX could be viable if it let Alameda fail.
>>abirch+(OP)
Alameda played a significant role in propping up the value of FTX through their investment in FTT. Worth questioning how much FTX would have been worth if it hadn't been for various tricks like this.