[wmf]

I don't see anything about FTX that exceeds what 25 good developers could do. We know they saved money by not having a compliance department.

It's documented that FTX would occasionally eat financial losses and shift them to Alameda to get them off the balance sheet. FTX was also "very easy to steal from" according to the book.

[kevinsimper]

I think it is also possible to build, but for a trading platform you have no room for mistake. Production being down and you could be liable for positions not be sold. Maybe that is were a lot of the money went.

But what would you calculate the risk for one of the 25 developers being extorted? The benefits would easily be millions of dollars.