Posted 10/6/2023, 3:26:00 PM
FTX Engineer: SBF Let Alameda Spend Billions in Customer Funds, Fabricated 'Backstop' Amounts
- Alameda Research had "special privileges" at FTX that let it spend $8B of customer funds
- Gary Wang testified he coded FTX to let Alameda's account go negative per SBF's order
- Wang said he was surprised when he saw Alameda's spending exceeded FTX revenue
- FTX's displayed "backstop fund" amount was fabricated and actual funds were lower
- Wang increased Alameda's FTX line of credit multiple times so it could keep trading
