Alameda Extracted Billions of Customer Funds Through a 'Backdoor' Before FTX's Collapse

WikiBit|2023-10-07

Extrait:Alameda Extracted Billions of Customer Funds Through a 'Backdoor' Before FTX's Collapse

According to Decrypt's report, FTX co-founder Gary Wang testified in court on Thursday, stating that SBF (Sam Bankman-Fried, also a co-founder) allowed Alameda to withdraw funds without limits. He explained that Alameda had a substantial credit limit, allowing them to execute orders faster on the FTX platform and withdraw funds without any limitations. He mentioned that Alameda was permitted to maintain a negative balance. When FTX collapsed, Alameda had already withdrawn $8 billion from the platform and $650 billion from its credit limit.

He further added that Alameda's debt situation set it apart from other market makers trading on FTX. Typically, other market makers have credit limits in the range of millions or tens of millions of dollars, rather than hundreds of billions.

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