Sam Bankman-Fried's 'Secret Backdoor' Worth $65 Billion, Court Hears

#finance #economics #politics #corruption

Bankruptcy lawyers said Sam Bankman-Fried's Alameda had access to a $65 billion credit line from FTX.
The customer loans were made available via a backdoor created by FTX cofounder Gary Wang, they said.
The money was used for luxury purchases like planes, parties, and political donations, the court heard.

https://www.businessinsider.com/sam-bankman-fried-secret-backdoor-worth-65-billion-court-hears-2023-1?r=US&IR=T