Apparently (per The Break Down podcast) SBF had a back door to the PMS that let him transfer assets without any compliance or accounting blocks or alerts. So he just did it. That's how simple this was. He didn't hide the transfers to Alameda. He just did it...
I still find structures like this dumb, though thet are sometimes required by stupid governments.
Tracing the actual on the ground transactions and seeing where each dollar went, and figuring out the mechanisms used to actually lift said dollars?
That’s what this discussion is about, and it’s not as clearly understood right now.