The crypto-exchange part I have read many times it was profitable. Running an exchange is a profitable endeavour as you just take a cut of all transactions. As long as you control your costs it is a money printer.

The rest of FTX was full of fraud and Alameda was a money sink via unprofitable speculation. Also likely helping laundry money as well via poor KYC.

Running an exchange is a great business though if you have the volume, doesn't matter if it is crypto or futures or stocks.