Alameda Research had a $65B secret line of credit with FTX: Report By Cointelegraph

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Alameda Research had a $65B secret line of credit with FTX: Report

Published Jan 14, 2023 03:21PM ET Updated Jan 15, 2023 06:40PM ET

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Alameda Research had a $65B secret line of credit with FTX: Report

Former FTX CEO Sam Bankman-Fried (SBF) reportedly ordered Gary Wang, co-founder of the crypto exchange, to open a $65 billion “secret backdoor line of credit” for Alameda Research, according to FTX attorney Andrew Dietderich.

The attorney disclosed the information during a Delaware bankruptcy court hearing on Jan. 11, the New York Post reported. The alleged line of credit was financed with FTX customers' funds. According to Dietderich’s testimony, the “backdoor was a secret way for Alameda to borrow from customers on the exchange without permission.”

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