Nowhere does it say that FTX invested in Alameda.
Alameda invested in FTT which is minted by FTX which is not the same thing.
Alameda invested in FTT which is minted by FTX which is not the same thing.
FTX issued FTT to Alameda. We have no idea what Alameda gave them as collateral, but it's clear it wasn't cash. Lending is a form of investing. (I don't get what unlocked versus collateral FTX on Alameda's balance sheet means.)
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 :)
FTT spiraled and FTX went insolvent.