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HomeAll Ch00 Ch00 NewsSam Bankman-Fried's 'secret' $65 BILLION backdoor

Sam Bankman-Fried’s ‘secret’ $65 BILLION backdoor

FTX boss ordered co-founder to insert a single number into millions of lines of code to funnel clients' cash, attorneys claim

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 bombshell testimony has revealed that the co-founder of cryptocurrency exchange FTX was ordered by Sam Bankman-Fried to create a ‘secret’ backdoor to funnel money to Alameda Research.

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.’

 

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