FTX’s Insurance Fund Manipulation Uncovered: What You Need to Know
Revelations of Software Code Manipulation
- FTX’s scheme to change insurance fund data has come to light.
- The company reportedly used a random number generator for misleading fund figures.
- A former CTO recently testified that the numbers were fabricated and inaccurate.
Community Uncovers Shocking Truths
The crypto world is buzzing after the invention of software code from the now-defunct FTX crypto exchange, which allegedly manipulated its insurance fund numbers. This deception misled the general public in regards to the fund’s true values. A recent tweet by the verified X account, BitMex Research, included a screenshot of FTX’s alleged database code, sparking widespread discussion.
Random Number Fiasco
According to BitMex Research, FTX employed a random number function to generate the insurance fund figures it shared publicly, making a facade of legitimacy.
Here’s a glimpse of the exhibit: the code reveals a random number field used to calculate the insurance fund figure FTX presented to the general public. See the details here pic.twitter.com/5c9yS0sXq4
— BitMEX Research (@BitMEXResearch) October 7, 2023
Python Code: The Smoking Gun
The screenshot shared by BitMex Research contained lines of code written in Python. The a part of the code that pointed to the random number generation included the snippet “return f2d(numpy.random.normal(7500,…” which highlights how the figures were concocted.
This revelation underscores the importance of transparency and accountability within the crypto industry. The saga continues to unfold, shedding light on practices that many hope to see eradicated in the long run.
Image Credit: cryptorank.io
