Gary

Time

On October 5th, during the second day of Sam Bankman-Fried’s trial in New York, Adam Yedidia, SBF’s college roommate and an early FTX employee, provided further testimony on behalf of the prosecution under immunity.
<h2 id="span-style-font-weight-400-ftx-and-alameda-s-shady-relations-span">FTX and Alameda’s Shady Relations</h2>
<a href="https://cointelegraph.com/news/ftx-deposits-alameda-controlled-account-adam-yedidia-testifies" rel="noopener noreferrer nofollow">Report</a> suggests that Yedidia informed the court that he was residing in the apartment in the infamous luxury Albany Resort while answering Assistant U.S. Attorney Danielle Sassoon. Yedidia reported to former FTX engineering director Nishad Singh also had an unofficial relationship with the exchange’s co-founder Gary Wang and Bankman-Fried.&nbsp;
<h3 id="span-style-font-weight-400-deletion-of-messages-after-a-specified-time-period-span">Deletion of Messages After a Specified Time Period</h3>
Yedidia noted that the “People of the House” group utilized the Signal messaging app for their communication. He mentioned that the app was configured to automatically delete messages after a specified period of time.
He also mentioned his involvement in developing the code to automate customer deposits and withdrawals from FTX, with Bankman-Fried playing a significant role in overseeing the project.
<h2 id="span-style-font-weight-400-ftx-top-execs-benefited-most-span">FTX Top Execs Benefited Most</h2>
According to Yedidia’s understanding, when Alameda Research traded on the exchange, the primary beneficiaries of the profits were Bankman-Fried and Wang. In addition, he initially believed that customer deposits were being directed to an FTX bank account.&nbsp;
However, he later discovered that FTX encountered difficulties in opening a bank account, and as a result, the deposits were instead routed to an account under the control of North Dimension Inc., a company affiliated with Alameda Research.&nbsp;
In late 2021, Yedidia discovered a bug in the automation code he contributed to. This bug correctly reduced the liability in “Fiat at FTX.com” when customers withdrew funds but failed to decrease Alameda Research’s liability to the exchange, as it should have.
<h3 id="span-style-font-weight-400-sbf-shifts-blames-on-caroline-ellison-span">SBF Shifts Blames on Caroline Ellison</h3>
Interestingly, Sam Bankman-Fried has made headlines by indicating his intention to shift the <a href="https://thecoinrise.com/former-ftx-ceo-blames-ex-girlfriend-for-exchanges-collapse/" rel="noopener noreferrer nofollow">blame for the exchange’s failure</a> onto his former girlfriend, Caroline Ellison as he readies his defense ahead of his trial, set for the initial week of October.&nbsp;
Notably, <a href="https://thecoinrise.com/alameda-ceo-and-ftx-exec-plead-guilty-to-charges/" rel="noopener noreferrer nofollow">Ellison and FTX co-founder Gary Wang</a> had previously entered guilty pleas shortly after the collapse of FTX. Additionally, two other individuals associated with the exchange have <a href="https://thecoinrise.com/former-ftx-exec-to-plead-guilty-details/" rel="noopener noreferrer nofollow">also pleaded guilty to fraud charges</a>.
The post <a rel="noopener noreferrer nofollow" href="https://thecoinrise.com/ftx-sent-users-deposits-to-an-alameda-account-for-months/">FTX Sent Users’ Deposits to an Alameda Account for Months</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://thecoinrise.com">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

FTX Sent Users’ Deposits to an Alameda Account for Months

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