A robber robbed you of your money to invest in stocks and made double the profit, then returned you the principal and interest - he is still a robber. SBF misappropriated $8 billion of customer funds. This is a number unanimously determined by the US Department of Justice, prosecutors, and judges during sentencing, not estimated by the media. The technique is actually quite classical - through a "backdoor" code, Alameda can infinitely overdraw on the FTX platform, with a limit of up to $65 billion. Then secretly transfer the client's fiat deposit to Alameda. At the beginning of 2022, at least 4 billion yuan was moved, and later accumulated to a scale of 10 billion yuan, most of which was used for high-risk investments, debt repayment, political donations, buying houses, and voting. The explosive moment was in November 2022, when the cryptocurrency market collapsed and there was a run on the market. FTX could not be redeemed, and the gap was exposed. On November 11th, bankruptcy was filed. The judge used one word to characterize this case - 'old-fashioned embezzlement', which refers to the old-fashioned misappropriation of public funds. There is no high-tech financial innovation, it's just stealing customers' money. SBF ultimately sentenced to 25 years in prison and confiscated $11 billion. Interestingly, the following paragraph: FTX bankruptcy liquidation was achieved through asset realization (especially during this cryptocurrency rebound), ultimately recovering over 16.5 billion US dollars, with customers receiving full principal and interest. Many people have whitewashed SBF on social media as a result - 'You see, no one lost money in the end'. This is a complete substitution of concepts. At the moment of the explosion, the gap was actually 8 billion yuan, and the customer's money was taken away. After the market rebounded, it doesn't mean he didn't steal. The true revelation of this incident is still the old saying: not your keys, not your coins. Exchanges are always a custodial risk, no matter how big they are or what kind of aura they carry.