Top 3 Disclosures Made During SBF's Trial Today
Sam Bankman-Fried ’s [ SBF ] trial started earlier this week. Today, i.e. Oct. 5, 2023, marked the third day of the trial. Two former FTX and Alameda employees, Gary Wang and Adam Yedidia, testified in court along with Paradigm Co-Founder, Matt Huang. In this article, we will delve into the top 3 revelations made during the trial. Also Read: Ethereum Transaction Cost Drops to $1 FTX Swept Everything Suspicious Under the Rug Gary Wang, the Co-Founder and former Chief Technology Officer at FTX, revealed that he created “special privileges to Alameda Research” through the exchange code he wrote. He asserted that SBF directed him to provide advantages for Alameda not available to FTX customers. This included the ability to place orders faster than other market makers. He further explained that using these privileges, Alameda could withdraw an unlimited amount from FTX’s accounts. In fact, it could do so, even if the balance went negative or below zero. Nevertheless, a norm...