Yes, the core criminal claims (commingling funds, funnelling money to Alameda through unaccounted margin, using software to hide things from the balance sheet) are just totally unaddressed.
As long as you don't actually lose the money while doing those things, though, no one really notices and no one outside of prosecutors office even cares.
Pragmatically (but not legally) the complaint is he lost the money. His world crashing around him revolves around that. So he has the wrong, but understandable viewpoint that the legal complaint is that he lost the money.
Even if you don't lose people money, lying about how you're using it is a crime and you can go to jail for it.
Ask Martin Shkreli. He never lost any investors money, but still got 7 years in prison because he lied about what he was doing with their funds and used profits from some investments to cover losses from others.
To be honest you don’t really do those things if you had a legitimate business, he commingled finds because he ran out money. He ran out money because he was making poor risky bets. Over a long enough time horizon his bad trading was going to realise losses, and as we’ve seen, he was going to cover it up.
If FTX had 100bn in the bank, he would’ve kept going until the whole 100 was gone trying to chase the losses.
