Before the market crash, Alameda transferred nearly $4.1 billion in FTT tokens to FTX. Blockchain data analysts from Nansen looked into the event and discovered a close relationship between the two companies founded by Sam Bankman-Fried.

The fall of FTX is attributed to Alameda keeping a large percentage of their assets in FTT tokens. Nansen also emphasized that there were unclear transactions between FTX and Alameda before this information became clear. Blockchain data also shows that FTX owns many FTT tokens and there are large transactions between FTX and Alameda wallets.

Researchers also suggested that Alameda may have sold FTT tokens and used them as collateral to borrow money from crypto lenders. The bankruptcy of Three Arrows Capital (3AC) may have caused liquidity problems for Alameda, leading to it borrowing a secret $4 billion from FTX.