According to the filing, in January 2021, Meerun began accumulating a position in BTMX, an illiquid token, eventually holding around half the supply, and helping drive up the price by over 10,000% in three months. He then allegedly exploited a flaw in FTX’s margin trading rules by using his stake as collateral to borrow tens of millions of dollars from the crypto exchange.
Source: https://www.coindesk.com/business/2024/11/11/humpy-the-whale-cost-ftx-alameda-1-billion-in-losses-lawsuit-alleges/?utm_medium=referral&utm_source=rss&utm_campaign=headlines