Ethereum

Gary

Million

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 <p>Sam <a rel="noopener noreferrer nofollow" title="Bankman-Fried" href="https://thebittimes.com/tag/bankman-fried.html">Bankman-Fried</a>’s [<a rel="noopener noreferrer nofollow" title="SBF" href="https://thebittimes.com/tag/sbf.html">SBF</a>] trial started earlier this week. Today, i.e. Oct. 5, 2023, marked the third day of the trial. Two former <a rel="noopener noreferrer nofollow" title="FTX" href="https://thebittimes.com/tag/ftx.html">FTX</a> and <a rel="noopener noreferrer nofollow" title="Alameda" href="https://thebittimes.com/tag/alameda.html">Alameda</a> 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.</p>
 <p><strong>Also Read: Ethereum Transaction Cost Drops to $1</strong></p>
 <h3 class="wp-block-heading" id="h-ftx-swept-everything-suspicious-under-the-rug">FTX Swept Everything Suspicious Under the Rug</h3>
 <p>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&nbsp;Alameda&nbsp;not available to&nbsp;FTX&nbsp;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 normal trader would have to possess enough funds or collateral to withdraw. Wang disclosed that none of these advantages that Alameda was bestowed with was known to the public.</p>
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  <figure class="aligncenter size-full is-resized"><img decoding="async" src="https://cdn.thebittimes.com/images/2023/10/06/9100f131b357f12196b2d84f2894f3e2.webp" alt class="wp-image-115103" style="width: 100%;height:372px" width="584" height="372" srcset="https://cdn.thebittimes.com/images/2023/10/06/9100f131b357f12196b2d84f2894f3e2.webp 958w, https://cdn.thebittimes.com/images/2023/10/06/9100f131b357f12196b2d84f2894f3e2.webp 300w, https://cdn.thebittimes.com/images/2023/10/06/9100f131b357f12196b2d84f2894f3e2.webp 768w, https://cdn.thebittimes.com/images/2023/10/06/9100f131b357f12196b2d84f2894f3e2.webp 380w, https://cdn.thebittimes.com/images/2023/10/06/9100f131b357f12196b2d84f2894f3e2.webp 550w, https://cdn.thebittimes.com/images/2023/10/06/9100f131b357f12196b2d84f2894f3e2.webp 800w" sizes="(max-width: 584px) 100vw, 584px">
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 <p><strong>Also Read: Analysts Cut Down Coinbase Q3 Revenue Estimates by 7% to $609 Million</strong></p>
 <p><a rel="noopener noreferrer nofollow" title="SBF" href="https://thebittimes.com/tag/sbf.html">SBF</a>’s roommate at MIT and <a rel="noopener noreferrer nofollow" title="FTX" href="https://thebittimes.com/tag/ftx.html">FTX</a> Developer, Adam Yedidia, testified about the $8 billion deficit the crypto exchange reported before going bankrupt. Furthermore, he revealed that he resigned the company when he came to know that <a rel="noopener noreferrer nofollow" title="Alameda" href="https://thebittimes.com/tag/alameda.html">Alameda</a> had used customer deposits to pay its loans. He additionally alleged that <a rel="noopener noreferrer nofollow" title="Bankman-Fried" href="https://thebittimes.com/tag/bankman-fried.html">Bankman-Fried</a> wanted to communicate with him and other <a rel="noopener noreferrer nofollow" title="FTX" href="https://thebittimes.com/tag/ftx.html">FTX</a> employees via the Signal app. Revealing the reason behind this, he said,</p>
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 <p><strong>“He told me to use Signal. He told the entire company. It also had auto-delete… He said it [auto-delete] was all down-side to keep messages around. If regulators found things they didn’t like, it could be bad for the company.”</strong></p>
 <p>SBF’s father, Joseph Bankman, was seen taking notes when others were testifying. He was also seen passing them to Barbara Fried, SBF’s mother. She was found holding a pen in her hand, but was more focused on listening than jotting down details. Unlike her, one juror fell asleep when Yedidia was revealing details regarding FTX deposits.</p>
 <p><strong>Also Read: Crypto Firm Ripple Becomes ‘Fully Licensed’ in Singapore</strong></p>
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 <ul>
  <li>Alameda</li>
  <li>Bankman-Fried</li>
  <li>FTX</li>
  <li>SBF</li>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/top-3-disclosures-made-during-sbf-s-trial-today-tbt65316.html">https://thebittimes.com/top-3-disclosures-made-during-sbf-s-trial-today-tbt65316.html</a></p>

Top 3 Disclosures Made During SBF's Trial Today

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