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HomeCrimeSBF ordered co-founder Wang to create $65 billion ‘secret backdoor line of...

SBF ordered co-founder Wang to create $65 billion ‘secret backdoor line of credit’, lawyer says

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Images Sam Bankman-Fried with Caroline Ellison and Gary Wang Gurbaksh Singh Chahal

On Wednesday, a lawyer said that the co-founder of FTX Gary Wang had created a way through which former CEO and FTX founder Sam Bankman-Fried could be in a position to borrow $65 billions of money from its clients without their knowledge. This secret backdoor let hedge fund Alameda Research borrow the money without FTX clients’ permission.

Andrew Dietderich, an attorney for FTX testified at the Delaware bankruptcy court and said, “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.”

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He added that the “size of that line of credit” had been “$65 billion.” He also said that the “backdoor was a secret way for Alameda to borrow from customers on the exchange without permission.”

In an earlier report in November, Reuters said that sources had told them that they had seen spreadsheets that showed SBF had secretly transferred $10 billion from FTX to Alameda. They also said that an amount of $1 billion to $2 billion of client’s funds remained unaccounted for.

FTX Sam Bankman-Fried allegedly ordered co-founder Gary Wang to create the secret line of credit without permission from FTX customers

In December, the Commodities Future Trading Commission (CFTC) had filed charges against co-founder Wang and CEO of Alameda Research Caroline Ellison. The CFTC had said that Wang created a “virtually unlimited” secretive line of credit and Dietderich’s testimony confirms this.

Earlier, court documents showed that FTX owns real estate worth $256.3 million, in the Bahamas. It consists of 35 properties that have 15-multimillion-dollar condos in one building called the Albany Resort. SBF lived in a $30 million penthouse in this luxury piece of ocean side community.

Court filings also state that FTX’s costs for meals and entertainment for nine months were $6.9 million. The court was also told $5 billion in cash, crypto and securities have been recovered. FTX also has plans to monetize non-strategic investments and recover an additional amount of $4.6 billion.

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U.S. fraud charges are brought against a New Jersey deli company claiming a $100 million dollar valuation

 

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