A “$65 billion backdoor” between FTX and Alameda has been discovered in a new court document in the FTX bankruptcy case. A deck describing the most recent research results about the FTX group funds is included in the file.
The deck has a diagram of the FTT liquidation procedure and a sample of code that purports to be the Alameda backdoor.
Alameda was purportedly excluded from auto-liquidation whereas other clients were based on the margin parameters provided by FTT. Alameda was also exempt from having to submit any genuine collateral for trading. This offense alone would be one of history’s most major instances of fraud if it were proven true in court that it was permitted to trade with “fake capital” instead.
Even more damningly, the deck also confirms the existence of …
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