He just stole
all the money.
Before his FTX cryptocurrency empire collapsed, many of Sam Bankman-Fried’s public statements indicated that he made decisions “as though he had no risk aversion,” according to Victor Haghani, the founder and chief investment officer of Elm Partners Management and a co-founder of the Long-Term Capital Management hedge fund.
This is the "effective altruism (his deeply held personal beliefs) led him to make these bets because the future is just so gosh darn important" argument, which was always ridiculous but should've been erased after it became clear he (allegedly) STOLE ALL THE MONEY.
