How can you say it's clear it wasn't cash? What's the source? Also, FTX minted FTT out of nothing - effective cost zero - so no matter what they received in ex

How can you say it's clear it wasn't cash? What's the source? Also, FTX minted FTT out of nothing - effective cost zero - so no matter what they received in exchange, even if they had received nothing that is not an investment unless they received Alameda equity. I agree that lending is a form of investment but nothing says that they received a loan in exchange. You could still be right, but it's all speculation :)