Home > NEWS > SBF Asked Gary Wang To Create A “Secret Backdoor,” FTX Lawyer Reveals

SBF Asked Gary Wang To Create A “Secret Backdoor,” FTX Lawyer Reveals

FTX lawyer told bankruptcy court that SBF asked FTX-co founder Gary Wang to build a backdoor access for Alameda into FTX for worth $65 bln.

According to a FTX mentor, Rob Bankman-Fried ordered Gary Wang, founder of FTX, to create a "secret" backdoor that would allow Alameda Research to borrow $65 billion from the reopened password exchange.

Gary Wang, who has accepted desperate participation in FTX, was told to create a "back door" for Alameda to borrow money from exchange customers without permission, "said Andrew Dietderich, a FTX mentor.

Alameda can browse the money of FTX customers through the back door.

McGinnis Dietrich told the Delaware bankruptcy court that Wanda Wang Jianlin created the back door by inserting a number into millions of exchange codes without customer consent to create a line of credit from FTX to Alameda. The mentor added that the credit limit was $65 billion, according to the New York Post.

Earlier, CFTC made a similar complaint against the founder of the password exchange. However, CFTC did not mention how much money Alameda would receive. In addition, there are reports that SBF has transferred $10 billion between the two companies, and that $2 billion is missing.

At a press conference late last year, SBF denied the idea that all of this class would create a backdoor in FTX.

SBF uses the funds obtained from backdoor listing for high-end consumption

Lawyer FTX further revealed in court that Alameda used the $65 billion backdoor funds to buy planes, homes, parties and financial donations. SBF spent nearly $40 million on the hotel's restaurant, tourism and food luxury brand in just nine months, according to court documents. FTX employees in the Bahamas have benefits that are included in FTX's office for free before going anywhere in the world. Just a few months before FTX declared bankruptcy, millions of dollars were spent on restaurants and entertainment.

SBF recently filed a lawsuit in a people's court in an attempt to prevent FTX debtors from recovering $450 million worth of Robin Hood shares he used.

by wjb news
© 2023 WJB All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Why can Bitcoin make money? Is Bitcoin's fixed investment profitable?

For some newcomers to the currency circle, they are not familiar with the investment in the currency circle, and their understanding of the special currency is not very deep. Therefore, they may be at a loss in the choice of investment methods. Many inves

VIDEO

NEWS

Tue, 18 Apr 2023

More