Finally, it was already possible to create a backdoor in the FTX system, and it was Sam Bankman-Fried himself who was going to supervise its creation in collaboration with Gary Wang, co-founder of the exchange. According to FTX lawyers, this hidden line of code concealed $65 billion in secret transactions between FTX and Alameda Research.
$65 billion hidden?
On November 12, the day after he resigned Sam Bankman Fried And the bankruptcy of FTX, the legal teams of the latter The platform’s former CEO has been accused of implementing a backdoor into the company’s accounting systemwhich he denied.
These charges against him It is supported by various testimonials from former FTX employees After a brief period. However, these serious allegations were not concretely verified, they ended up more or less forgotten, drowned in the torrent of information related to the management of the exchange. The question was asked again briefly by the journalist Tiffany Fongwho was quizzed by the SBF about it, replied only: “ Anyway, I don’t know how to write this “.
However, two months after these allegations, FTX’s attorney, Andrew Dietderichconfirms that a secret door has already been encrypted in the FTX system, but above all, It was equivalent to more than 65 billion dollars, which is an amazing amount. concretely, This money was surreptitiously withdrawn by Alameda from FTX vaults.
Furthermore, while the SBF itself might not have been in a position to code such a thing, he was nonetheless someone who would have ordered it to be created. And he would have asked Gary Wang for thatthe co-founder of the stock exchange:
“Mr. Wang created this backdoor by inserting a single number into millions of lines of code to the exchange, creating a line of credit from FTX to Alameda that was not approved by customers. […] And we know the size of that line of credit. It was $65 billion. »
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The noose is being tightened on the former FTX management
Although Sam Bankman-Fried has always denied the accusations sparking a desire on his part to create a backdoor into the FTX system, the Commodity futures trading commission The CFTC of the United States filed a complaint to that effect last month, citing “irregular business practices” between FTX and Alameda Research.
In his last known statement, made via Substack on January 12, the SBF denied any charges against him. According to him, the margin position between the two companies would have led to the bankruptcy of the stock exchange:
“So when Alameda became illiquid, so did FTX International, because Alameda had an open margin position on FTX; and a bank run turned that liquidity into bankruptcy.”
last november, According to ReutersThe amount likely to be transferred in a hidden way between the two companies It was about $12 million. According to FTX lawyers, the actual amount will be much higher.
Caroline Ellison and Gary Wang are directly involvedThose will likely have more information to offer on this topic as far as I’m concerned Both pledged to cooperate with the authorities responsible for the FTX investigation.
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Source: New York Post
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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make the blockchain more accessible for everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilian Pro
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