The money did leave.
It was illegally used to fund investments.
FTX was not allowed to run a fractional reserve like a bank.
Users owned title to assets the entire time.
Just because the value of the investments went up to repay users, did not mean there wasn’t a crime.

[SBF says:]
This is where the money went. https://drive.google.com/file/d/1e2v-rcUqSFy4VI1MlWTLkJe-IeaFYBnl…

Twitter

Source: Galaxy Research; Translation: Jinse Finance xz
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