At least $1 billion missing: Sources say Bankman-Fried used a “backdoor” in FTX’s accounting system to siphon off the money

Reuters spoke with two sources who held senior positions at FTX until this week. The sources told Reuters that Sam Bankman-Fried, the exchange’s founder and former CEO, secretly moved $10 billion in customer funds from FTX to his trading firm, Alameda Research. They reported that a significant amount of that money vanished. One source estimated […]