A recent report has revealed that employees at FTX, a leading cryptocurrency exchange, discovered a hidden backdoor allegedly used by Alameda Research to siphon billions worth of customer funds from FTX, six months before the exchange's collapse. The employees, who were based in the United States, found the backdoor in May 2022 and reported the issue to their division head, Julie Schoening. However, Schoening was fired from her job in August 2022, with some sources suggesting that her termination may have been a result of her team's identification of FTX's risk management issues. The ongoing trial of FTX co-founder and former CEO Sam Bankman-Fried has brought this issue to light, with the prosecution's first witness testifying against him in court.