🔥 FTX has been accused of misappropriating customers' money since 2019, as revealed by co-founder Gary Wang.
💼 Wang said Alameda Research has special rights at FTX compared to other customers:
1. You are allowed to trade with an amount larger than the balance in your account;
2. Withdraw unlimited amount from FTX;
3. Be granted a credit limit of up to 65 billion USD, while other customers can only receive a maximum of 1 billion USD.
📉 Wang revealed that this additional money comes from FTX customers who have not yet agreed to lend their money. Alameda abused this privilege to withdraw approximately $8 billion in cash and cryptocurrency that exceeded their account balance, causing losses to FTX.
🚩 Wang asserts that Sam Bankman-Fried, who is facing a fraud trial, personally witnessed Alameda's balance, although he claims to have no knowledge of Alameda's financial situation before its collapse.
#FTX#AlamedaResearch #money_money
💼 Wang said Alameda Research has special rights at FTX compared to other customers:
1. You are allowed to trade with an amount larger than the balance in your account;
2. Withdraw unlimited amount from FTX;
3. Be granted a credit limit of up to 65 billion USD, while other customers can only receive a maximum of 1 billion USD.
📉 Wang revealed that this additional money comes from FTX customers who have not yet agreed to lend their money. Alameda abused this privilege to withdraw approximately $8 billion in cash and cryptocurrency that exceeded their account balance, causing losses to FTX.
🚩 Wang asserts that Sam Bankman-Fried, who is facing a fraud trial, personally witnessed Alameda's balance, although he claims to have no knowledge of Alameda's financial situation before its collapse.
#FTX#AlamedaResearch #money_money