FTX Collapse Unveils Alameda's Secret Backdoor and Ripple Effect on Crypto Traders

Employees at cryptocurrency exchange FTX discovered a secret backdoor used by Alameda Research, a major trading firm, months before its recent collapse. The backdoor allowed Alameda to access FTX's trading data and gain an unfair advantage in the market. FTX employees raised concerns about the issue internally, but no action was taken until Alameda's collapse, which has raised questions about the exchange's security measures and oversight.