It goes much deeper. They clearly stole a lot of customer money and SBF is supposed to have had a "backdoor" he could use to move funds between the exchange and Alameda to avoid detection by auditors. It doesn't get much more criminal than that in finance.

https://www.reuters.com/markets/currencies/exclusive-least-1...

Of course, with the way he and his family are connected, it wouldn't surprise me if he eventually walks free.