They would have lost their money eventually. FTX mishandled customer funds and they are under U.S. agency investigations. CZ most likely heard about this at least at the time he was bailing them out and rejected the offer.

FTX messing up was a more severe blow then people seem to realize, as they are talking about token holders only. FTX group had something like 130 companies under it that went bankrupt not to mention VC investors:



Billions went up in smoke in a moment. It's so surreal it's hard to comprehend. And we shall feel the ripple effect of this for a long time.