So, if FTX had managed to stay afloat a bit longer, they could have gotten away with it.

Which is a much more interesting statement in the context of certain other crypto organizations than it is about FTX...

Just because this one "investment" (or wager, or gamble, or speculation - whatever term you'd prefer) eventually succeeded* that doesn't set a precedent that we should excuse blatant fraud or encourage even more speculation with other people's money.

*of course, it could still go to zero in the future