Uhh, he founded a hedge fund to give it to his whore. There are regular people who give thousands to the likes of Pokimane. This is just that, on a way, way bigger scale.

So is CRO. So is BNB. These exchange coins are all backed by the exchange's credibility and little else.

FTX was a way bigger company than Alameda, and already had deep corrupt ties to all the people needed to keep it going for decades.

November 6th was when CoinDesk reported what happened. He took customer money out to save her - that's what killed FTX. FTT could fall to zero, but if they have enough money to cover the people who bought other crypto on FTX, that doesn't matter.