The SEC says a secret change to FTX code allowed Alameda to borrow FTX funds irrespective of the collateral value, giving a "virtually unlimited line of credit" (Reuters)

Reuters:

The SEC says a secret change to FTX code allowed Alameda to borrow FTX funds irrespective of the collateral value, giving a “virtually unlimited line of credit”  —  In mid-2020, FTX’s chief engineer made a secret change to the cryptocurrency exchange’s software.

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