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SBF Asks Gary Wang to Create Secret Backdoor; $65 Billion Stolen

FTX’s attorney stated that SBF asked the FTX co-founder to create a secret backdoor to enable Alameda to acquire FTX customers’ funds.Almost $65 billion of...
SBF Asks Gary Wang to Create Secret Backdoor; $65 Billion Stolen SBF Asks Gary Wang to Create Secret Backdoor; $65 Billion Stolen

  • FTX’s attorney stated that SBF asked the FTX co-founder to create a secret backdoor to enable Alameda to acquire FTX customers’ funds.
  • Almost $65 billion of customers’ funds were transferred from FTX to Alameda without their permission.
  • Gary Wang confessed his guilt and has been cooperative with the investigation.

Reportedly, Andrew Dietderich, an FTX attorney reported in Delaware bankruptcy court that the disreputed Sam Bankman-Fried, the former CEO of the collapsed crypto exchange FTX, told Gary Wang, the co-founder of FTX to create a “secret” backdoor to enable Alameda Research to borrow $65 billion client money from FTX.

On Wednesday, the attorney told that Gary Wang created a secret line of credit using customer funds from FTX to Alameda:

Mr. 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.

Significantly, Dietderich revealed the “size of the line of credit”- $65 billion. He added that the backdoor was a method by which Alameda had access to the FTX customers’ funds “without their permission.

Since SBF was accused of and imprisoned for accumulating illicit funds, more and more revelations have been coming up.

In December 2022, The Commodity Futures Trading Commission (CFTC) put forward a similar allegation when it charged Wang, though the details of the amount weren’t revealed:

These critical code features and structural exceptions allowed Alameda to secretly and recklessly siphon FTX customer assets from the FTX platform.

Notably, Wang and the CEO of Alameda Research, Caroline Ellison have been cooperating with the investigation, confessing their part in SBF’s fraud.

Similarly, in November, Reuters reported that SBF has secretly transferred about $10 billion in funds to Alameda Research.

However, SBF wrote while awaiting the trial that he hasn’t stolen any funds. He added that nearly all of his funds were and still are “utilizable to backstop FTX customers”.

The post SBF Asks Gary Wang to Create Secret Backdoor; $65 Billion Stolen appeared first on Coin Edition.

See original on CoinEdition

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02-03-2024 08:00:32 (UTC+7)

EUR/USD

1.0837

+0.0034 (+0.31%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (6)

EUR/USD

1.0837

+0.0034 (+0.31%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (6)

GBP/USD

1.2655

+0.0032 (+0.25%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (2)

Sell (5)

USD/JPY

150.10

+0.12 (+0.08%)

Summary

Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (5)

Sell (2)

AUD/USD

0.6525

+0.0031 (+0.47%)

Summary

↑ Sell

Moving Avg:

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Indicators:

Buy (0)

Sell (10)

USD/CAD

1.3562

-0.0014 (-0.10%)

Summary

↑ Buy

Moving Avg:

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Sell (0)

Indicators:

Buy (8)

Sell (0)

EUR/JPY

162.73

+0.67 (+0.41%)

Summary

↑ Buy

Moving Avg:

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Indicators:

Buy (7)

Sell (1)

EUR/CHF

0.9577

+0.0020 (+0.21%)

Summary

↑ Buy

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Sell (2)

Gold Futures

2,091.60

+36.90 (+1.80%)

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↑ Sell

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Silver Futures

23.345

+0.460 (+2.01%)

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Copper Futures

3.8590

+0.0120 (+0.31%)

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↑ Sell

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Crude Oil WTI Futures

79.81

+1.55 (+1.98%)

Summary

Buy

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Brent Oil Futures

83.46

+1.55 (+1.89%)

Summary

↑ Buy

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Natural Gas Futures

1.836

-0.024 (-1.29%)

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US Coffee C Futures

184.13

-0.22 (-0.12%)

Summary

Neutral

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Euro Stoxx 50

4,894.05

+16.28 (+0.33%)

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Buy

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S&P 500

5,137.08

+40.81 (+0.80%)

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↑ Buy

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DAX

17,735.00

-0.07 (0.00%)

Summary

↑ Sell

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FTSE 100

7,682.50

+52.48 (+0.69%)

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↑ Sell

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Hang Seng

16,589.44

+78.00 (+0.47%)

Summary

↑ Buy

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Indicators:

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Sell (1)

US Small Cap 2000

2,075.05

+20.21 (+0.98%)

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↑ Buy

Moving Avg:

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Indicators:

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IBEX 35

10,064.70

+63.40 (+0.63%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (7)

Sell (1)

BASF SE NA O.N.

47.985

+0.910 (+1.93%)

Summary

↑ Sell

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Bayer AG NA

28.33

+0.24 (+0.85%)

Summary

↑ Sell

Moving Avg:

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Sell (9)

Indicators:

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Allianz SE VNA O.N.

251.80

-2.05 (-0.81%)

Summary

Buy

Moving Avg:

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Indicators:

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Adidas AG

187.00

-0.12 (-0.06%)

Summary

↑ Buy

Moving Avg:

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Indicators:

Buy (8)

Sell (0)

Deutsche Lufthansa AG

7.191

+0.003 (+0.04%)

Summary

Sell

Moving Avg:

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Sell (7)

Indicators:

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Sell (5)

Siemens AG Class N

181.28

-1.66 (-0.91%)

Summary

Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (3)

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Deutsche Bank AG

12.566

+0.204 (+1.65%)

Summary

Neutral

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (0)

Sell (6)

 EUR/USD1.0837↑ Sell
 GBP/USD1.2655Sell
 USD/JPY150.10Buy
 AUD/USD0.6525↑ Sell
 USD/CAD1.3562↑ Buy
 EUR/JPY162.73↑ Buy
 EUR/CHF0.9577↑ Buy
 Gold2,091.60↑ Sell
 Silver23.345↑ Sell
 Copper3.8590↑ Sell
 Crude Oil WTI79.81Buy
 Brent Oil83.46↑ Buy
 Natural Gas1.836↑ Buy
 US Coffee C184.13Neutral
 Euro Stoxx 504,894.05Buy
 S&P 5005,137.08↑ Buy
 DAX17,735.00↑ Sell
 FTSE 1007,682.50↑ Sell
 Hang Seng16,589.44↑ Buy
 Small Cap 20002,075.05↑ Buy
 IBEX 3510,064.70↑ Buy
 BASF47.985↑ Sell
 Bayer28.33↑ Sell
 Allianz251.80Buy
 Adidas187.00↑ Buy
 Lufthansa7.191Sell
 Siemens AG181.28Sell
 Deutsche Bank AG12.566Neutral
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank7,800/ 7,950
(0/ 0) # 1,808
SJC HCM7,780/ 7,980
(0/ 0) # 1,838
SJC Hanoi7,780/ 7,982
(0/ 0) # 1,840
SJC Danang7,780/ 7,982
(0/ 0) # 1,840
SJC Nhatrang7,780/ 7,982
(0/ 0) # 1,840
SJC Cantho7,780/ 7,982
(0/ 0) # 1,840
Cập nhật 02-03-2024 08:00:34
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ↀ Giá vàng thế giới
$2,082.55+38.291.87%
Live 24 hour Gold Chart
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Sản phẩmVùng 1Vùng 2
RON 95-V24.43024.910
RON 95-III23.92024.390
E5 RON 92-II22.75023.200
DO 0.05S20.77021.180
DO 0,001S-V21.76022.190
Dầu hỏa 2-K20.78021.190
ↂ Giá dầu thô thế giới
WTI$79.34+1.880.02%
Brent$83.20+1.490.02%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD24.440,0024.810,00
EUR25.964,8627.389,87
GBP30.324,7531.615,27
JPY158,96168,25
KRW15,9719,35
Cập nhật lúc 07:56:29 02/03/2024
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