I searched her name on a couple of patent search engines.
Turns out she has around 200 patents (with other people mostly).
So if her tech didn't work, then why didn't people figure it out sooner? Why did it take a journalist from WSJ to find the fraud?
How come some prominent physicist or biologist doing "competition research" didn't declare that the patents were based on bogus claims?
Patenting a completely ridiculous and impossible idea is quite straightforward if you know the system and have the money and reputation.
Journalists are notoriously bad at technical due diligence, but the fact is even trained scientists and engineers can be duped, particularly when access is limited.
Having been in a similar situation (not the federal one), where something looked fishy in a company I was involved in (and ended up being revealed as fishier than fish), I wouldn't be at all surprised if it comes out that the patents were fine, the ideas were fine, the talent had the skills, and it would have been less work on everybody's part to actually build it than to lie, cheat, and misrepresent it.
I have never been to or interviewed anywhere more paranoid/aggressively secretive than Theranos, and that includes military bases and classified government installations. This should be the moral of the story: investors should take as a red flag companies that work that hard to show you they're hiding their technology.