Wang Calls $100M Funds Imaginary Claimed by FTX in 2021

[coingabbarmarket]

The insurance fund claimed by FTX in 2021 was imaginary – Wang
The $100 million insurance fund claimed by FTX in 2021 was imaginary and did not actually include any FTX tokens testified by FTX's former CTO Gary Wang. Hidden Python code was also used to misrepresent the value of the insurance fund along with this. The value of the fund was calculated by multiplying the daily FTX token trading volume by a random number around 7500. This revelation raises questions about the transparency and accuracy of FTX's reported fund values, which was intended to protect users during significant liquidation events. Gary Wang also mentioned the execution features that allowed Alameda Research to trade with vast liquidity. After which an investigation was conducted regarding the practices of FTX.

[cryptoworld1]

The Fake Team That Made Solana DeFi Look Huge

CoinDesk reporters Danny Nelson and Tracy Wang on Thursday released a bombshell report that could tarnish the reputation of the entire Solana ecosystem. More than that, the dizzying tale highlights serious social vulnerabilities across blockchain and crypto development and investing.

For More Information Here https://www.coindesk.com/layer2/2022/08/05/the-fake-team-that-made-solana-defi-look-huge/

What's your opinion about Wang Calls $100M Funds Imaginary Claimed by FTX in 2021?

[umityesil]

It's concerning to hear about the alleged issues with FTX's insurance fund and the use of hidden Python code to misrepresent its value. Transparency and accuracy are vital in the crypto industry to protect users. I hope there will be a thorough investigation to address these claims and ensure the integrity of FTX's practices