Them to pay every one back eventually. Way more than enough.

Let’s think about Alameda. When you give an exchange or a bank money, it doesn’t hold all of your money in cash. It invests some. That’s how it earns profit.

SBF was operating FTX not according to US law (where the whole business was illegal) but according to the law of first Hong Kong and then the Bahamas. There is no positive law in either place that says what an exchange like that can or can’t do with people’s funds. The fraud was that he didn’t say he was loaning some of it (by no means all) to his own investment fund that he controlled. But that loan it turns out was both fully secured and fully paid back.

Also the giving of funds to Alameda was not as opaque as prosecutors want you to believe. Many depositors literally wired their money TO Alameda because no US bank would give FTX an account.

I am not saying he shouldn’t go to jail. But 25 years is dumb imo.