What happened to FTX?
To answer this question, we must step back, explain how the mechanism works, and add some details about how the financial world works. What happens to FTX is the same principle used to understand what is happening to the Federal Reserve, the Bank of Japan and all other central banks in the world.

What is FTX?
FTX is a cryptocurrency derivatives exchange launched in 2019. The company is headquartered in Hong Kong and has an office in San Francisco. The exchange provides futures and options of various cryptocurrencies, as well as leveraged tokens that use leverage to provide exposure to underlying assets. FTX also offers a range of other products, including indices, theme baskets and over-the-counter trading platforms.

What is Alameda?
Alameda is a research driven quantitative encryption asset management company, established in early 2018. Alameda's mission is to introduce institutional financial engineering into the encryption market. More simply, Alameda aims to promote the market, make the price fluctuate up and down, and speculate in the market. Yes, you read very well. Their "job" is to "cheat" people's view of value by changing the price of tokens, make investors believe that it is worth investing, and sell tokens to real investors at a higher price in the market.

What happened to FTX?
What happened was that Sam Bankman Fried used Alameda's money to manipulate FTT prices. FTT is a token created by FTX. This is where it becomes interesting, because it is not illegal for you to do so for your own benefit. Instead, he used Alameda's money to buy FTT tokens from the market, pushing up the price, and then sold his hidden FTT when the price was artificially raised due to his manipulation.
The fraudulent atomic bomb exploded on November 2, when FTX's balance sheet was leaked in an article published on CoinDesk. Up to now, no one knows Sam Bankman's empire and its operation mode, but now the operation between FTX and Alameda is open.Alameda listed $14.6 billion in FTT in its table.