Sam Bankman-Fried (SBF) Moved at Least $10 Billion Between FTX and Alameda Research and Created a $65 Billion LOC from FTX Customers Without Their Consent or Knowledge
Sam Bankman-fried (SBF) took $65 billion from FTX accounts without the customer’s knowledge.
A couple of days ago SBF released his manifesto where he claimed that he did nothing wrong that resulted in cryptocurrency exchange FTX going bankrupt. He said if he would have been able to receive more funds he could have paid off the debt that was due which sounds more like a Ponzi scheme than apparently SBF understood.
One thing SBF left out in his manifesto was that he had $65 billion removed from FTX cryptocurrency accounts.
The Daily Mail reported:
Attorney for FTX Andrew Dietderich told the Delaware bankruptcy court on Wednesday that Gary Wang was told to create the secret line of credit of customer funds from FTX to the hedge fund.
Dietderich told the court that Wang ‘created this backdoor by inserting a single number into millions of lines of code for the exchange’ creating the line of credit, which ‘customers did not consent’ to.
The FTX attorney testified that the backdoor was a ‘secret way for Alameda to borrow from customers on the exchange without permission,’ Business Insider reported.
‘Wang created this backdoor 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,’ Dietderich testified.
‘And we know the size of that line of credit. It was $65 billion.’
Business Insider goes on to report that at least $10 billion was moved between FTX and Alameda with another $2 billion unaccounted for.
What Americans really want to know is how much money went to dirty politicians’ accounts.
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