If you steal 10, buy scratch off tickets, win 20 and pay back the 10 - you still stole. SBF illegally used user funds to make investments and buy himself and his friends lavish apartments, while claiming to maintain 1:1 reserves as required by law. The court case was not about IF there was enough money in the exchange to pay debtors back. The case was about if he stole in the first place (and he did) The exchange being illiquid is why he got caught - not why he was guilty. He was guilty because he stole and committed fraud.(Adam Cochran (adamscochran.eth))