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FTX Attorney Reveals SBF Ordered Co-Founder to Open $65B Secret Line of Credit for Alameda Research
FTX attorney Andrew Dietderich has dropped a bombshell testimony that Sam Bankman-Fried ordered co-founder Gary Wang to open a credit line for Alameda Research. Alameda Research is the crypto exchange’s crypto company, which was at the center of the unfortunate crash last year. The incident resulted in FTX, Alameda Research, and about 130 subsidiaries filing bankruptcy in the US due to a “liquidity crunch.”
Report: FTX Opened Credit Line for Alameda Research
According to the New York Post, the attorney revealed this information during a hearing at a Delaware bankruptcy court on the 11th of January. Dietderich explained that the FTX former boss asked Wang to open a $65 billion “secret backdoor line of credit” for Alameda Research. He added that the purpose of the backdoor was to create a method that allows Alameda Research to borrow money from FTX without seeking
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