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FTX Founder Secretly Moved Funds Through Backdoor: FTX Insider
FTX insider has reportedly stated that recent FTX "hack" was illegal withdrawal of funds from FTX to Alameda Research
Kabir V.
8:28 15th Nov, 2022

Founder of IBC Group Mario Nawfal has taken to Twitter to claim that Sam Bankman-Fried had conducted a massive funds withdrawal via a backdoor that was built deliberately on his order.

Did SBF secretly move FTX funds to Alameda Research?

Mario Nawfal has referred to an anonymous insider at the bankrupt FTX exchange, who shared that Bankman-Fried had withdrawn funds from FTX wallet to Alameda Research and some other entities.

To do that, SBF used a backdoor that was created on his instruction by the CTO of the exchange, Gary Wang.

Apparently, Nawfal was talking about the hack that was announced by FTX on Friday when more than $400 million worth of digital currencies were shifted from the wallets of the exchange.

CoinDesk stated that the amount of funds drained from FTX wallets exceeded $600 million in crypto.

Here's who insider was

The insider in question is Yung Dot, former senior engineer at FTX. In a long thread, he spoke about what Mario Nawfal put into one tweet.

Dot confirmed that he privately shared the information with Nawfal. He stated that the recent hack was possible due to a backdoor, which was made about nine months ago on instructions on Sam Bankman-Fried.

"The entire hack was possible due to the elx trapdoor SBF put in ~ 9 months ago."

The sum of crypto that was moved through this backdoor, according to him, equals $783 million.


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