SBF ordered co-founder Gary Wang to create a $65 billion line of credit for Alameda

As per a report from the New York Post, Sam Bankman-Fried had asked his co-founder and CTO Gary Wang to implement code, giving Alameda a virtually unlimited line of credit. Andrew Dietderich, an attorney for FTX, declared in court on Wednesday that the line of credit used $65 billion of customer funds. This further corroborates the claims by the CFTC made in December of irregular transfers between FTX and Alameda Research.
In the meantime, Sam Bankman-Fried published a blog post on Substack, in which he once again claimed he is innocent, and blames the FTX collapse on Binance CEO Changpeng Zhao. According to the disgraced founder, CZ had spent months trying to undermine FTX’s reputation, the tweet from Nov.6 being the nail in the coffin.
SBF’s parents are also preparing for potential fallout as they have reportedly retained lawyers. Along with two other unnamed persons, they signed the $250 million bail bond for SBF putting their Palo Alto home as collateral. He currently resides with his parents, under house arrest, forbidden to open new lines of credit or create new businesses.

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