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On October 5th, according to a report by WSJ, sources familiar with the matter revealed that several American employees of FTX had discovered what they referred to as a "backdoor" on the platform before its collapse. It is alleged that Alameda Research used this "backdoor" to extract billions of dollars in customer funds from FTX. The employees who discovered this issue reported it to the higher-ups in their department, and some claim that the senior management discussed it with an assistant to FTX founder SBF. However, this issue was never resolved. In the summer of 2022, the team's senior management expressing concerns about Alameda's special privileges within FTX was dismissed. This "backdoor" played a crucial role in the allegations against SBF, who is currently on trial in a federal court in New York on charges of fraud, with the trial beginning this week. The former head of FTX has pleaded not guilty to all charges. Prosecutors allege that SBF ordered the creation of "special features" in secret to siphon FTX customers' funds, including giving Alameda the ability to manage FTX's vast pool of funds. Court documents reveal that FTX's code contained a hidden line of code that allowed Alameda to have up to $65 billion in debt on FTX. |
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Post time 12-10-2023 08:35:07
