I think so. The way I see it, effective altruism is a dangerous trend because it can very quickly go into the 'ends justify the means' territory.'

In the case of SBF, if he essentially stole from a bunch of retail investors, and then went about doing altruism (this is not yet verified, of course) did he ultimately create a net positive? That only works if the investors in FTX did not lose out, which they did.

Anything that goes into the 'ends justifies the means' territory ends up badly. Sometimes immediately, sometimes over time, but always.