SBF trial witness: FTX accounting software malfunction exaggerated Alameda's $8 billion debt
ChainCatcher news, according to CoinDesk, a witness in the SBF trial stated that the unusual way FTX handled customer deposits led to software errors that exaggerated the amount Alameda owed to FTX customers by $8 billion.
One key part is the banking aspect. Former FTX developer Adam Yedidia told the court that in the early days of FTX, its customers deposited fiat currency by remitting to Alameda instead of directly depositing to FTX. This unusual relationship complicated the company's ability to track the debts owed to customers. Yedidia stated that there was a bug in the accounting software, which by June 2022 showed that Alameda owed far more money than the actual amount.
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