The SEC says a secret change to FTX code allowed Alameda to borrow FTX funds irrespective of the collateral value, giving a “virtually unlimited line of credit” (Reuters)

Reuters:
The SEC says a secret change to FTX code allowed Alameda to borrow FTX funds irrespective of the collateral value, giving a “virtually unlimited line of credit”  —  In mid-2020, FTX’s chief engineer made a secret change to the cryptocurrency exchange’s software.