The best single account of the events leading up to FTX's collapse is probably Brady Dale's "SBF: How The FTX Bankruptcy Unwound Crypto's Very Bad Good Guy."

Particularly grateful for this detail on how Alameda wound up with so much FTT, an asset that rightly belonged to FTX: Sam gave them all the tokens. It's emblematic of Sam's apparently *complete* ignorance of accounting rules - in a few ways.

This was, he said, nominally in return for the fact that Alameda execs had been deputized to start FTX - itself fraud against Alameda investors, as noted by 
@dragonfly_xyz
.

There's no evidence there was any calculation or projection of the values behind that purported swap - hard to imagine the Alameda team's work was worth the ultimately ~$4 billion of $FTT they got.