Humpy the Whale Cost Crypto Exchange FTX, Alameda Research $1 Billion in Losses, Lawsuit Alleges

Based on the submitting, in January 2021, Meerun started accumulating a place in BTMX, an illiquid token, finally holding round half the provision, and serving to drive up the worth by over 10,000% in three months. He then allegedly exploited a flaw in FTX’s margin buying and selling guidelines by utilizing his stake as collateral to borrow tens of tens of millions of {dollars} from the crypto trade.