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Sam Bankman-Fried ‘Ordered FTX Co-Founder to Create Secret Backdoor’ to Alameda Research




Bombshell testimony has revealed that the co-founder of cryptocurrency exchange FTX was ordered by Sam Bankman-Fried to create a “secret” backdoor to transfer money to Alameda Research.

Attorney for FTX Andrew Dietderich told the Delaware bankruptcy court on Wednesday that Gary Wang was asked to create the secret line of credit for 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’ and created the credit limit, to which ‘the customers did not consent’.

The FTX attorney testified that the backdoor was a “secret way for Alameda to borrow from customers on the exchange without permission,”[ads1]; Business Insider reported.

Sam Bankman-Fried ‘Ordered FTX Co-Founder to Create Secret Backdoor’ to Alameda Research

Bombshell testimony has revealed that the co-founder of cryptocurrency exchange FTX was ordered by Sam Bankman-Fried to create a “secret” backdoor to transfer money to Alameda Research

“Wang created this backdoor by inserting a single number into millions of lines of code for the exchange, and created a line of credit from FTX to Alameda, which the customers did not consent to,” Dietderich testified.

“And we know the size of that credit line. It was $65 billion.

Bankman-Fried had moved $10 billion between the two companies, with another $2 billion still unaccounted for, sources told Reuters in November.

The attorney’s testimony corroborates allegations made by the Commodity Futures Trading Commission, the independent federal agency that “regulates derivatives such as futures and swaps,” according to its website.

Last month, the CFTC filed charges against Wang and Alameda Research CEO Caroline Ellison, who was also Bankman-Fried’s girlfriend.

The CFTC accused Wang of creating a “virtually unlimited” secret line of credit. Dietderich’s testimony is believed to be the first time an FTX official has given the line of credit a solid dollar value.

Wang and Ellison both pleaded guilty to federal charges including fraud and conspiracy. They have cooperated with investigators.

FTX attorney Andrew Dietderich told the Delaware bankruptcy court on Wednesday that Gary Wang was asked to set up the secret line of credit for customer funds from FTX to the hedge fund

FTX attorney Andrew Dietderich told the Delaware bankruptcy court on Wednesday that Gary Wang was asked to set up the secret line of credit for customer funds from FTX to the hedge fund

Bankman-Fried was seen arriving for an arraignment at the US Federal Courthouse in New York on January 3.  He has pleaded not guilty to fraud and other criminal charges

Bankman-Fried was seen arriving for an arraignment at the US Federal Courthouse in New York on January 3. He has pleaded not guilty to fraud and other criminal charges

Bankman-Fried, who was arrested and extradited to the United States from his home base in the Bahamas last month, is under house arrest at his parents’ $4 million Palo Alto home under the terms of his $250 million bond release.

While awaiting trial, Bankman-Fried published a Substack blog post on Thursday in which he professed his innocence.

“I did not steal funds, and I certainly did not embezzle billions,” Bankman-Fried wrote.

“Almost all my assets were and still can be used to stop FTX customers.”

The 30-year-old disgraced former crypto king accused Binance CEO Changpeng ‘CZ’ Zhao of waging a long-running campaign to destroy his empire.

DailyMail.com uncovered a photo from March 2021, showing SBF, 30, with his arm around ex-girlfriend Caroline Ellison, 28, from his 29th birthday.  They are pictured with FTX co-founder Gary Wang (left)

DailyMail.com uncovered a photo from March 2021, showing SBF, 30, with his arm around ex-girlfriend Caroline Ellison, 28, from his 29th birthday. They are pictured with FTX co-founder Gary Wang (left)

A judge set SBF's trial to begin on 3 October during the arraignment on 3 January

A judge set SBF’s trial to begin on 3 October during the arraignment on 3 January

He alleged that Zhao’s “fateful tweet” on November 6 capped an “extremely effective, months-long public relations campaign against FTX.”

“In November 2022, an extreme, rapid, targeted crash triggered by the CEO of Binance rendered Alameda insolvent,” Bankman-Fried wrote.

The disgraced FTX founder’s business collapsed shortly after Zhao tweeted that Binance was dumping his position on FTX’s internal digital token FTT.

The tweet started a domino effect that pushed Bankman-Fried’s crypto hedge fund Alameda Research into insolvency and FTX had to file for bankruptcy on November 11.

Bankman-Fried now faces eight criminal counts, accusing him of defrauding FTX investors whose money he held. He made his first appearance in a Manhattan court last month, when a judge released him on $250 million bail.

On January 3, he pleads not guilty to fraud and other criminal charges. A judge has set his trial to begin on October 3.

Continuing to speak out publicly like this is likely to raise eyebrows, as he ignores lawyers who advised him to “pull himself into a hole.” Lawyers said such statements are likely to make life more difficult for defense lawyers in his upcoming trial.



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