Today marked third day of Sam Bankman-Fried’s [SBF] trial. Two former FTX and Alameda Research employees, Gary Wang and Adam Yedidia, joined Paradigm Co-Founder Matt Huang on the witness stand. This article discusses the top 3 revelations made during the proceedings.
FTX Swept What’s Suspicious Under the Carpet
Gary, FTX’s Co-Founder and former CTO, detailed distinct privileges granted to Alameda like maintaining capacities beyond the reach of other market manufactures. Additionally, unrestricted withdrawal capabilities from the exchange, even if the balance oscillated into a negative. Yet, a regular trader is liable to provide unmatched funds for withdrawing such funds unobstructed. Gary reiterated none of these privileges weremetadata of the general public.
Adam shed abundant light on the alarming-$8 billion NULL ABS methodology FTX incorporated born right before they became bankrupt. But Adam resigned shortly after gaining cognizance that Alameda games user deposits to reimburse their debit balance. Eventually, he added, SBF was considerate about interacting through Signal once he realized his father, Joseph Bankman, was taking notes as others testified. In this session, Joseph’s wife, Barbara Fried had a pen in hand observing silently. Whereas, despite observers’ awaited attention, one juror saw in asleep during the show.