### As $10B of clients money quietly moved from FTX to Alameda Research, between $1B to $2B was unaccounted for.  In a regulated entity, how was it that the flow of such a large amount of money between entities with a conflict of interest flew under the radar of auditors and compliance teams? 


SBF had ‘bespoke’ software. It looks like he didn’t just misuse customer money for trading purposes, there are signs that he could have straight up stolen money and stashed it away. 

It also appears that SBF really knew what he was doing and took steps to be sure that red flags don’t reach the right internal parties. There’s some irony here since SBF is a son to two well-known and respected professors in [Stanford](https://www.scmp.com/magazines/style/celebrity/article/3158365/meet-youngest-billionaire-world-what-sam-bankman-frieds), who Kevin O’Leary even referred to as two [“compliance lawyers”](https://twitter.com/erikvoorhees/status/1591248777918435329). 

SBF’s ‘bespoke software’ was allegedly designed to allow him to make stealthy moves, to the tune of billions of dollars. Reuters [reported that](https://t.co/JMATgLM1Al): 

“FTX legal and finance teams also learned that Bankman-Fried implemented what the two people described as a "backdoor" in FTX's book-keeping system, which was built using bespoke software.They said the "backdoor" allowed Bankman-Fried to execute commands that could alter the company's financial records without alerting other people, including external auditors. 

This set-up meant that the movement of the $10 billion in funds to Alameda did not trigger internal compliance or accounting red flags at FTX, they said.” 

The size and scale of the money moved as well as a huge amount of between one to two billion dollars that was unaccounted, was also reported on by [Reuters](https://t.co/JMATgLM1Al): “Bankman-Fried held a meeting with several executives in the Bahamas capital Nassau to calculate how much outside funding he needed to cover FTX's shortfall, the two people with knowledge of FTX's finances said.

Bankman-Fried confirmed to Reuters that the meeting took place.Bankman-Fried showed several spreadsheets to the heads of the company's regulatory and legal teams that revealed FTX had moved around $10 billion in client funds from FTX to Alameda, the two people said. 

The spreadsheets displayed how much money FTX loaned to Alameda and what it was used for, they said.The documents showed that between $1 billion and $2 billion of these funds were not accounted for among Alameda's assets, the sources said. 

The spreadsheets did not indicate where this money was moved, and the sources said they don't know what became of it.” Based on the exclusive report of Reuters, a massive USD10 billion in client funds seems to have passed through this ‘backdoor’. To make matters worse, it appeared that between USD1billion to USD2billion may have been carefullly stashed away! 

Is the missing USD1 billion to USD2 billion SBF’s loot? We are hoping to find out soon.

As $10B of clients money quietly moved from FTX to Alameda Research, between $1B to $2B was unaccounted for.  In a regulated entity, how was it that the flow of such a large amount of money between entities with a conflict of interest flew under the radar of auditors and compliance teams? 

Sun Nov 13 2022

SBF Loot Could Be Over $1Billion of Customer Money Stolen Through "Bespoke" Accounting Software With a Backdoor

Co-Founder Testifies Sam Bankman-Fried Knew About FTX Troubles

From Founder To Defendant: FTX Files Lawsuit Against Sam Bankman-Fried – Details

Sam Bankman-Fried Pleads Not Guilty On All Counts, Pushes For 10 Charges To Be Dismissed

The FTX Saga Continues: SBF Charged With Bribing Chinese Officials

Republicans Received Dark Money from Sam Bankman-Fried; SBF Says ‘Reporters Freak the F*ck Out If You Donate to Republicans”

From Founder To Defendant: FTX Files Lawsuit Against Sam Bankman-Fried – Details

Sun Nov 13 2022 SBF Loot Could Be Over $1Billion of Customer Money Stolen Through "Bespoke" Accounting Software With a Backdoor

Co-Founder Testifies Sam Bankman-Fried Knew About FTX Troubles

From Founder To Defendant: FTX Files Lawsuit Against Sam Bankman-Fried – Details

Sam Bankman-Fried Pleads Not Guilty On All Counts, Pushes For 10 Charges To Be Dismissed

The FTX Saga Continues: SBF Charged With Bribing Chinese Officials

Republicans Received Dark Money from Sam Bankman-Fried; SBF Says ‘Reporters Freak the F*ck Out If You Donate to Republicans”

From Founder To Defendant: FTX Files Lawsuit Against Sam Bankman-Fried – Details

Sun Nov 13 2022

SBF Loot Could Be Over $1Billion of Customer Money Stolen Through "Bespoke" Accounting Software With a Backdoor