Sam Bankman-Fried Built ‘Backdoor’ To Transfer Money Outside Of FTX: Reuters
According to two persons who knew the situation, Sam Bankman-Fried created a “backdoor” to his FTX exchange to alter financial records and shift cash covertly, Reuters reported this case.
The report said that he employed custom software to prevent external auditors from being informed of changes to FTX books. It meant that when $10 billion in funds were transferred to FTX’s sister trading arm Alameda, no alarms were triggered.
When questioned by Reuters, Sam Bankman-Fried, who has since resigned as CEO, denied the existence of such a “backdoor.” The $10 billion transfer was described as disagreed with, he added.
This news makes FTX users even more worried because hackers have recently stolen more than $600 million from the exchange, but there are rumors that FTX is intentionally keeping customers’ money.
Coincu will continue to update the situation related to Sam Bankman-fired trial live update, you can find out more information through this article.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
CoinCu News
Author
News
Sam Bankman-Fried Built ‘Backdoor’ To Transfer Money Outside Of FTX: Reuters
According to two persons who knew the situation, Sam Bankman-Fried created a “backdoor” to his FTX exchange to alter financial records and shift cash covertly, Reuters reported this case.
The report said that he employed custom software to prevent external auditors from being informed of changes to FTX books. It meant that when $10 billion in funds were transferred to FTX’s sister trading arm Alameda, no alarms were triggered.
When questioned by Reuters, Sam Bankman-Fried, who has since resigned as CEO, denied the existence of such a “backdoor.” The $10 billion transfer was described as disagreed with, he added.
This news makes FTX users even more worried because hackers have recently stolen more than $600 million from the exchange, but there are rumors that FTX is intentionally keeping customers’ money.
Coincu will continue to update the situation related to Sam Bankman-fired trial live update, you can find out more information through this article.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
CoinCu News
Other Posts
Related Posts
Latest
Best New Meme Coins to Join for 2025: BTFD Coin Leads, Popcat Keeps It Purr-fect, and Non-Playable Coin Hits Gamers Hard
Press Release
Best New Meme Coins to Join for 2025: BTFD Coin Leads, Popcat Keeps It Purr-fect, and Non-Playable Coin Hits Gamers Hard
Solana memecoins crash while DTX Exchange hits 100,000 TPS on layer-1 blockchain
