SBF twice talked about how they had “real legitimate income” covering their actions but it sounds like their books were such a mess that even though they were taking very obvious serious losses on trades by Alameda he still (best case) somehow thought their assets covered it or (worst case) dual booked deposits purposefully to inflate their balance sheets and propped up their now illiquid asset to keep the casino running until loses get covered by future growth.
SBF twice talked about how they had “real legitimate income” covering their actions but it sounds like their books were such a mess that even though they were taking very obvious serious losses on trades by Alameda he still (best case) somehow thought their assets covered it or (worst case) dual booked deposits purposefully to inflate their balance sheets and propped up their now illiquid asset to keep the casino running until loses get covered by future growth.