Despite all this, Bankman-Fried is tweeting through it — kind of, notes KevinTDugan
FTX software had a very illegal-sounding back door for moving huge sums of money.
I’m not a judge, so it’s not up to me to decide what’s against the law. But I’ve got eyes. Over the weekend, it was revealed — first by— that a back door was written into the code at the FTX crypto exchange that allowed Bankman-Fried to move customer deposits from that platform to his hedge fund, Alameda Research. In essence, this was a way to keep quiet the alarm bells that would have started to ring if anyone else had been aware that he was moving this money.
So why the secret back door? Bankman-Fried has so far explained that a mistake in internal labeling had led to customer deposits being used to fund his hedge fund. This is important when you’re trying to come up with a legal theory that lets you off the hook:. If a back door built into the company’s code is only known to or accessible by the top executive , it starts to get at something prosecutors really salivate over: intent.
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