I think he made a couple hundred million on this trade and half a billion moe in alameda when things were going well then took investment funds denominated in either coins or USD and invested those into FTX expansion and more levered long crypto pump and dumps and then took those proceeds and did more pump and dumps and direct investments in things like robin hood and other shitcoins.

I think most of their "market making" was probably using connections to do pump and dumps of various coins.

activities like this made huge gains but since the BTC peak a lot of the same activities have been burning a lot of capital and then you end up needing recapitalization