Bomb ‘Backdoor’ Claim for FTX! Is SBF Running Away?

According to the information conveyed by Reuters, two sources who wanted their names to remain anonymous spoke. According to the information, at least $1 billion in client funds are lost in the FTX crisis.

Is SBF, the ex-CEO of the FTX exchange, on the run?

It was previously announced that SBF, the former CEO of the exchange, transferred $10 billion of client funds from FTX to Alameda Research. Currently, it is claimed that a valuable part of the fund is missing. One source says the measure of lost funds is close to $1.7 billion. Another unnamed source explained that the gap is in the middle of $1 to $2 billion.

According to the allegations, the financial openness in the middle emerged thanks to the records that SBF shared with senior executives recently. Individuals who provided information to Reuters say they have worked as senior executives at FTX until now. Both state that they closely monitor the financial situation of the company.

Claims of first hacking and then SBF’s escape

As we have reported as; Following the liquidity crisis at FTX, the resigning CEO reportedly flew to Argentina. Although the news that the SBF is going to Argentina has not been officially confirmed so far, reports give the same result. Earlier, approximately $600 million in token transfers took place from FTX and FTX US wallets. After the incident, it was suspected that some FTX employees were behind the attack.

News of the $600 million hack came after FTX’s decision to file for part 11 bankruptcy. Subsequently, Sam Bankman-Fried announced his resignation as CEO of FTX. As a result of all these events, investors are grappling with important questions.

Did he use the “back door” system?

Sources argue that SBF used a “backdoor” in FTX’s bookkeeping system to siphon the money. The thesis is that the “back door” allows Sam Bankman-Fried to execute commands that could change the company’s financial records without informing others, including external auditors.

Currently, the U.S. Securities and Exchange Board (SEC) is reviewing’s handling of client funds and crypto lending activities. The Ministry of Justice and the Commodity Futures Processes Committee are also following the issue. However, the SBF has this to say about the arguments:

We did not transfer secretly. We messed up and misread the internal labeling.

Also, when asked about losses, Sam Bankman-Fried replied, “???” it pays off. More details on the missing funds are awaited.

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