The backdoor cannot possibly be something like admin access to a server in this case. It had to be something that allowed SBF et al to move money out of FTX accounts without anyone else knowing that it was gone. So the account would have, say, $0 of assets while still displaying $8B of assets to any other employee. His talk about “folders” is nonsensical. Wherever the “folders” were held, when Alameda’s loans got called in, those “folders” would have been empty, until they were filled from FTX’s “folders”—which then would have been empty themselves.
They had software displaying completely fake figures.
I don’t think so: the “backdoor” refers to the internal accounting system. My reading is that this refers to SBF being able to alter the software to make it display fake figures (whether or not that’s true), and I think that could be accomplished by something like admin access.
The backdoor cannot possibly be something like admin access to a server in this case. It had to be something that allowed SBF et al to move money out of FTX accounts without anyone else knowing that it was gone. So the account would have, say, $0 of assets while still displaying $8B of assets to any other employee. His talk about “folders” is nonsensical. Wherever the “folders” were held, when Alameda’s loans got called in, those “folders” would have been empty, until they were filled from FTX’s “folders”—which then would have been empty themselves.
They had software displaying completely fake figures.
I don’t think so: the “backdoor” refers to the internal accounting system. My reading is that this refers to SBF being able to alter the software to make it display fake figures (whether or not that’s true), and I think that could be accomplished by something like admin access.