Sam Bankman-Fried is taken into custody. (@CNBC / Twitter)
(BUSINESS INSIDER) – Sam Bankman-Fried instructed his FTX cofounder Gary Wang to create a "secret" backdoor to enable his trading firm Alameda to borrow $65 billion of clients' money from the exchange without their permission, the Delaware bankruptcy court was told Wednesday.
Wang was told to create a "backdoor, a secret way for Alameda to borrow from customers on the exchange without permission," according to FTX's lawyer, Andrew Dietderich.
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"Mr Wang created this back door by inserting a single number into millions of lines of code for the exchange, creating a line of credit from FTX to Alameda, to which customers did not consent," he added. "And we know the size of that line of credit. It was $65 billion."
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