{"id":69049,"date":"2023-10-05T11:19:02","date_gmt":"2023-10-05T15:19:02","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/a-us-ftx-team-found-backdoor-to-alameda-months-before-collapse-hong-kong-financial-watchdog-and-police-form-task-force-to-investigate-suspicious-crypto-activity\/"},"modified":"2023-10-05T11:19:05","modified_gmt":"2023-10-05T15:19:05","slug":"a-us-ftx-team-found-backdoor-to-alameda-months-before-collapse-hong-kong-financial-watchdog-and-police-form-task-force-to-investigate-suspicious-crypto-activity","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=69049","title":{"rendered":"A US FTX Team Found Backdoor to Alameda Months Before Collapse, Hong Kong Financial Watchdog and Police Form Task Force to Investigate Suspicious Crypto Activity"},"content":{"rendered":"<div>\n<p><i>Get your daily, bite-sized digest of cryptoasset and blockchain-related news \u2013 investigating the stories flying under the radar of today\u2019s crypto news.<\/i><br \/>__________<\/p>\n<h2>Exchange news<\/h2>\n<ul>\n<li>Months before its collapse, some of <strong>FTX<\/strong>&#8216;s US-based employees discovered the so-called backdoor that the parent company <strong>Alameda Research<\/strong> allegedly used to withdraw billions of dollars of customer funds from the exchange, the Wall Street Journal reported, citing people familiar with the matter. The team, who worked for <strong>LedgerX<\/strong>, the crypto derivatives exchange acquired by FTX in 2021, made the discovery while analyzing if the code for FTX&#8217;s main exchange could be used in the US. They allegedly told the director of engineering Nishad Singh, but the issue was not resolved.\u00a0<\/li>\n<\/ul>\n<h2>Regulation news<\/h2>\n<ul>\n<li>Hong Kong&#8217;s financial watchdog, the <strong>Securities and Futures Commission<\/strong> (SFC), established a dedicated working group with the <strong>Hong Kong Police Force<\/strong> (HKPF) to enhance collaboration in monitoring and investigating illegal activities related to Virtual Asset Trading Platforms (VATPs), the press release said. The group&#8217;s goals are to facilitate the sharing of information on suspicious activities and breaches of VATPs, implement a mechanism to assess the risks of suspicious VATPs, and enhance coordination and collaboration in related investigations. The group was established after a high-level meeting in late September, and it comprises representatives from the HKPF\u2019s <strong>Commercial Crime Bureau<\/strong>, <strong>Cyber Security and Technology Crime Bureau<\/strong>, <strong>Financial Intelligence and Investigations Bureau<\/strong>, and the SFC\u2019s <strong>Enforcement Division and Intermediaries Division<\/strong>.\u00a0<\/li>\n<\/ul>\n<h2>Investment news<\/h2>\n<ul>\n<li><strong>Bitfinex Securities Ltd<\/strong>, which offers listing and trading services for security tokens, announced a Memorandum of Understanding (MOU) with <strong>Mikro Kapital<\/strong>, a Luxembourg-based impact finance and microfinance group. Per the press release, the MOU will explore projects to tokenize, list, and trade debt securities, and evaluate the use of USD-backed <strong>Tether<\/strong> tokens (USDT) and Euro-backed Tether tokens (EURT) for capital raising and microfinancing. Mikro Kapital has a diversified lending book of 300,000 borrowers across 14 countries, worth approximately $1.42 billion in aggregate, it added.\u00a0<\/li>\n<li>Decentralized application (dapp) for prediction markets <strong>Zeitgeist<\/strong> announced its strategic collaboration with CoinDesk Indices (CDI), aiming &#8220;to bring fresh signals to prediction markets for tradeable crypto sectors,&#8221; said the press release. The company is set to run prediction markets on two crypto sector indices: the CoinDesk DeFi Select Index and the CoinDesk Smart Contract Platform Select Index. These markets will offer cryptocurrency traders and data analysts a platform to potentially forecast the monthly levels of these indices, it said.\u00a0<\/li>\n<\/ul>\n<h2>Blockchain news<\/h2>\n<ul>\n<li>The<strong> <\/strong><strong>IOTA Foundation<\/strong> announced <strong>IOTA 2.0<\/strong>, stating that, after an extensive period of research and prototyping, the &#8220;entire architecture of IOTA has been meticulously rebuilt from scratch, emerging as a resolute and robust system.&#8221; According to the blog post, the new protocol&#8217;s public introduction marks the beginning of the coordinator removal, welcoming &#8220;true decentralization.&#8221; \u00a0IOTA 2.0 will be public, decentralized, parallelized, democratic, and sustainable, the Foundation said. IOTA will be releasing resources weekly.<\/li>\n<\/ul>\n<h2>Career news<\/h2>\n<ul>\n<li>Crypto derivatives and copy trading platform <strong>Bitget<\/strong> announced that its Managing Director, Gracy Chen, has been appointed to the <strong>Forbes Business Council<\/strong>. According to the press release, this invitation-only council is an interactive hub for top industry leaders, entrepreneurs, and business minds to share ideas, resources, and experiences. &#8220;Chen&#8217;s extensive experience and expertise will be invaluable assets to Council discussions on key issues like decentralized finance, blockchain innovation, and diversity in technology,&#8221; the exchange said.\u00a0<\/li>\n<\/ul><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/today-in-crypto-a-us-ftx-team-found-backdoor-to-alameda-months-before-collapse-hong-kong-financial-watchdog-and-police-form-task-force-to-investigate-suspicious-crypto-activity.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Get your daily, bite-sized digest of cryptoasset and blockchain-related news \u2013 investigating the stories flying under the radar of today\u2019s crypto news.__________ Exchange news Months before its collapse, some of FTX&#8216;s US-based employees discovered the so-called backdoor that the parent company Alameda Research allegedly used to withdraw billions of dollars of customer funds from the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":69050,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-69049","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>A US FTX Team Found Backdoor to Alameda Months Before Collapse, Hong Kong Financial Watchdog and Police Form Task Force to Investigate Suspicious Crypto Activity | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Get your daily, bite-sized digest of cryptoasset and blockchain-related news \u2013 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