Software siden af FTX skandalen

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Gravatar #1 - arne_v
15. dec. 2022 16:43
Der er allerede skrevet meget om FTX.

Men nu er der kommet lidt frem om nogle meget specielle forhold i deres software.

Først lige noget baggrundsinfo - Alameda er er et søster selskab til FTX.


Dec 13 (Reuters) - In mid-2020, FTX's chief engineer made a secret change to the cryptocurrency exchange’s software.

He tweaked the code to exempt Alameda Research, a hedge fund owned by FTX founder Sam Bankman-Fried, from a feature on the trading platform that would have automatically sold off Alameda's assets if it was losing too much borrowed money.

In a note explaining the change, the engineer, Nishad Singh, emphasized that FTX should never sell Alameda's positions. "Be extra careful not to liquidate,” Singh wrote in the comment in the platform's code, which it showed he helped author. Reuters reviewed the code base, which has not been previously reported.

The exemption allowed Alameda to keep borrowing funds from FTX irrespective of the value of the collateral securing those loans. That tweak in the code got the attention of the U.S. Securities and Exchange Commission, which charged Bankman-Fried with fraud on Tuesday. The SEC said the tweak meant Alameda had a “virtually unlimited line of credit.” Furthermore, the billions of dollars that FTX secretly lent to Alameda over the next two years didn't come from its own reserves, but rather were other FTX customers' deposits, the SEC said.


Sam Bankman-Fried’s trading house Alameda Research had a secret speed advantage when executing orders on his now-collapsed FTX crypto exchange, according to the US Commodity Futures Trading Commission.

Alameda, which also tumbled into bankruptcy last month along with FTX, was able to skirt certain portions of the exchange’s trading architecture and sidestep some automated verification processes, the CFTC said in a complaint filed Tuesday in Manhattan federal court.

“These advantages were not publicly disclosed” and yielded a “significant speed advantage,” the CFTC said.

While most or all other customers accessing the FTX platform through an application programming interface — API — “had their transaction orders routed through the FTX system, Alameda was able to bypass certain portions of the system and gain faster access to the API,” according to the suit.

“Alameda’s transaction orders were received several milliseconds faster than those of other API users,” the CFTC said. “In the high-frequency trading sector, this is a significant time advantage.”

The features of Alameda’s account at FTX also allowed the trading shop to avoid automated steps like verifying available funds ahead of executing a transaction, according to the lawsuit.

If other customers “placed several orders at once, these checks occurred in sequential order, so that each transaction could be confirmed as viable,” the CFTC alleged. “This did not apply to the Alameda account.”

Gravatar #2 - adamusa
16. nov. 2023 07:05
The scandal has reduced user trust in the software industry as a whole. This can lead to users using software services less, or even stopping using them altogether. https://slitherio.online
Gravatar #3 - suzume
21. nov. 2023 08:47
This software scandal underscores the critical need for heightened transparency, accountability, fnf and rigorous quality control in the tech industry.
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Gravatar #5 - quintanbarnes
28. mar. 2024 20:07
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