[TacticalCoder]

> What was the exact moment the fraud began?

Very early on. Probably from the very start.

When Alameda, before FTX existed, gave investors leaflets saying Alameda had guaranteed 20% returns and it could sustain 20% profits on as many billions as they would get. This was a lie and criminally defrauding investors already.

SBF never did the Kimchi trade (i.e. arbitraging the US/Asia Bitcoin price differences) at scale (it's not even clear if he even managed to do it at all: he claims he did, but he's a pathological liar who kept lying in court).

So Alameda was already a scam. Then FTX was a bigger scam, to keep the Alameda scam going.

But the Alameda scam came first.

> What should he have done instead?

He should have kept playing LoL only.