The relationship between FTX and alameda is actually similar to the relationship between bitfinex and tether back then.

1/3 Tether issued additional USDT for Bitfinex, and B.net bought, bought, and bought. At that time, B.net became the world's No. 1 exchange. Later, Tether faced credit problems, and B.net's financial problems were exposed. The solution was for B.net to issue 1 billion bonds. We survived the storm, but since then there has been no b-net for mainstream exchanges.