FTX and Sam Bankman Fried - What's the Deal?

A leaked balance sheet showed most of Alameda Research's assets consisted of something called FTT. By Sunday, panic traders on FTX's exchange requested to withdraw over $5 billion from the platform. Sam Bankman Fried tried to raise money to rescue FTX by selling the exchange to arrival, but that deal fell through and customers were left in the cold. The company raised $400 million at a $32 billion valuation back in January.