Employees at FTX, once a titan in the cryptocurrency exchange realm before its stunning collapse, uncovered a secretive backdoor used by Sam Bankman-Fried’s Alameda Research to siphon billions of dollars, laying bare a complex web of alleged fraud and mismanagement that precipitated the platform’s dramatic collapse.
The Wall Street Journal reports that months before the catastrophic downfall of FTX, a group of its U.S.-based employees stumbled upon a covert backdoor. This secretive channel, allegedly utilized by Sam Bankman-Fried’s Alameda Research hedge fund, enabled the illicit withdrawal of billions of customer funds from the cryptocurrency exchange, according to insiders that spoke to the Journal . The discovery, which was reported up the chain of command, was seemingly disregarded, as the issue remained unresolved. Sam Bankman-Fried leaves the courthouse (Michael M. Santiago/Getty) The backdoor, now a pivotal element in the ongoing legal proceedings against Sam Bankman-Fried, FTX’s founder, […]
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