I'd imagine there's a huge problem in that FTX did not declare bankruptcy until the vast majority of their liquid assets had been removed by the bank run. If they had declared bankruptcy before the run, most people might have gotten out with a 50% haircut.
Instead, after the run, those left over will get nothing and those who got out will got 100%.
Instead, after the run, those left over will get nothing and those who got out will got 100%.