During the October 2023 criminal trial of FTX founder and CEO Sam Bankman-Fried, he gave more detail on how the exploit took place, and admitted that he personally had disabled FTX's automatic liquidation systems for this account. Though he intended to closely monitor the account to prevent any losses to FTX, he said that it was actually his actions that allowed the trader to drain such a massive quantity of assets from the exchange.
Prosecutors alleged that Bankman-Fried later had his cryptocurrency trading firm, Alameda Research, shoulder the loss, saying that he'd hoped it would be less visible on Alameda's balance sheets than on FTX's.
- "The FTX trial, day fourteen: Same events, new stories", Newsletter by Molly White
- "Metakovan, the mystery Beeple art buyer, and his NFT/DeFi scheme", Amy Castor
- "JPG File Sells for $69 Million, as 'NFT Mania' Gathers Pace", The New York Times