Sam Bankman-Fried instructed his FTX cofounder Gary Wang to create a"secret" backdoor to enable his trading firm Alameda to borrow $65 billion of clients' money from the exchange without their permission, the Delaware bankruptcy court was told Wednesday.
Wang was told to create a"backdoor, a secret way for Alameda to borrow from customers on the exchange without permission," said FTX lawyer Andrew Dietderich. "Mr. Wang created this back door by inserting a single number into millions of lines of code for the exchange, creating a line of credit from FTX to Alameda, to which customers did not consent," he added."And we know the size of that line of credit. It was $65 billion."But the value of that line of credit hasn't been discussed before now. The CFTC then described it as"virtually unlimited.
Dietderich told the court that with the $65 billion back door, Alameda"bought planes, houses, threw parties, made political donations."
FranciscaObioma FBI Americas premier law enforcement agency missed FTX...too busy searching for Trumps tax returns in Melanias panty draw
FTX - SBF Paid Kevin O'Leary $18 Million to Promote FTX. Humiliating Los... via YouTube
When it is no longer only the Feds who print money. Digital money printing by hedge funds is something to investigate.
We need a movie or some documentary....The Wolf of Crypto
I take it his financial statements weren’t audited. How does this happen?
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Sam Bankman-Fried's 'secret backdoor' worth $65 billion, court hearsSam Bankman-Fried's trading firm borrowed $65 billion from FTX via a 'secret backdoor' to fund donations and a luxury lifestyle, bankruptcy court hears Lol more skeletons are crawling out of the closset This guy looks exactly like h3h3productions 😬
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