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

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.