[Flammy]

He let his private equity / investment company (Alameda) borrow unlimited customer funds via a software backdoor for various investments.

[Breza]

Additionally, they outright lied about things like their reserves. The website had what claimed to be a real time ticker showing the reserve level that was actually a weighted random number. SBF claimed that he fell victim to poor risk management, but the more investigators dug in, the more evidence they found that there was organized corruption.

[ffsm8]

(and lost most of it by "investing" in shitcoins, basically)

[__loam]

Don't forget the part where they based most of their valuation on a currency they printed.

[toomuchtodo]

https://youtu.be/KZYqL79GDXU

Magic black box yield farming at 21:29 timestamp.