Token

FTX Token

Gary

<img width="800" height="533" src="https://cdn.thebittimes.com/images/2023/10/09/8a8bdc9a62f468b392c87e05714f038b.webp" class="webfeedsFeaturedVisual wp-post-image" alt="" decoding="async" style="display: block; margin: auto; margin-bottom: 5px;max-width: 100%;" link_thumbnail="1" srcset="https://cdn.thebittimes.com/images/2023/10/09/8a8bdc9a62f468b392c87e05714f038b.webp 800w, https://cdn.thebittimes.com/images/2023/10/09/8a8bdc9a62f468b392c87e05714f038b.webp 450w, https://cdn.thebittimes.com/images/2023/10/09/8a8bdc9a62f468b392c87e05714f038b.webp 750w, https://cdn.thebittimes.com/images/2023/10/09/8a8bdc9a62f468b392c87e05714f038b.webp 768w" sizes="(max-width: 800px) 100vw, 800px">
In the realm of content creation, three pivotal elements come into play: “perplexity,” “burstiness,” and “predictability.” Perplexity gauges the intricacy of the text, while burstiness measures the ebb and flow of sentence structures. Lastly, predictability assesses the likelihood of predicting the subsequent sentence. Humans often infuse their writing with bursts of creativity, mixing longer, intricate sentences with concise ones. In contrast, AI-generated sentences tend to follow a more uniform pattern. For the content you are about to create, it’s imperative to introduce a healthy dose of perplexity and burstiness while minimizing predictability. Furthermore, please adhere to English as the language of choice. Now, let’s reimagine the following text:
In the ongoing legal proceedings, FTX’s former Chief Technology Officer, Gary Wang, made a startling revelation in court. He alleged that the then-CEO, Sam Bankman-Fried, had granted Alameda Research’s account permission to trade more assets than it actually possessed.
Wang, a co-founder and the former Chief Technology Officer of <a rel="noopener noreferrer nofollow" title="FTX" href="https://thebittimes.com/tag/ftx.html">FTX</a>, took the stand once again during the fourth day of the criminal trial of the former CEO, Sam “SBF” Bankman-Fried. He aimed to shed light on the intricate connections between the cryptocurrency exchange and <a rel="noopener noreferrer nofollow" title="Alameda" href="https://thebittimes.com/tag/alameda.html">Alameda</a> Research.
According to reports from Inner City Press, on October 6th, Wang returned to a New York courtroom and testified that Alameda’s FTX account was the sole account authorized to engage in trading activities exceeding its available funds—a feature known as “allow negative.” The former Chief Technology Officer claimed that Bankman-Fried had specifically instructed him and Nishad Singh, the former FTX Engineering Director, to implement this feature back in 2019.
Wang disclosed that this “allow negative” addition to FTX’s code had enabled Alameda to accumulate a negative balance surpassing FTX’s entire 2020 revenue of $150 million, reaching an astonishing $200 million. He further testified that Bankman-Fried had extended a staggering $65 billion line of credit to Alameda, despite making public statements that contradicted the true nature of their relationship.
“We had initially pledged not to utilize funds in this manner,” Wang asserted during his testimony, as reported. “After I pointed out that the <a rel="noopener noreferrer nofollow" title="Alameda" href="https://thebittimes.com/tag/alameda.html">Alameda</a> balances were off by billions, [SBF] requested a meeting at our Bahamas office. He inquired about the glitch, and subsequently informed Caroline [Ellison] that <a rel="noopener noreferrer nofollow" title="Alameda" href="https://thebittimes.com/tag/alameda.html">Alameda</a> could proceed with returning the borrowed funds.”
Wang also disclosed that Bankman-Fried had attributed Alameda’s “special privileges” on FTX to the exchange’s own FTX Token (FTT), which Alameda utilized for trading when its account balance plunged below zero. Notably, the former Chief Technology Officer contended that Alameda had been able to directly withdraw funds from FTX.
At the heart of the prosecution’s case against Bankman-Fried are allegations that the former CEO misappropriated <a rel="noopener noreferrer nofollow" title="FTX" href="https://thebittimes.com/tag/ftx.html">FTX</a> user funds at <a rel="noopener noreferrer nofollow" title="Alameda" href="https://thebittimes.com/tag/alameda.html">Alameda</a> without obtaining customers’ consent. During his testimony on October 5th, Wang admitted to committing crimes alongside Bankman-Fried and former <a rel="noopener noreferrer nofollow" title="Alameda" href="https://thebittimes.com/tag/alameda.html">Alameda</a> CEO Caroline Ellison, having previously pleaded guilty to fraud charges in December 2022.
Sheila Warren, CEO of the Crypto Council for Innovation, remarked, “Much like the Elizabeth Holmes trial was not about diagnostic testing, the SBF trial is not about crypto.” She noted that <a rel="noopener noreferrer nofollow" title="Sam Bankman" href="https://thebittimes.com/tag/sam-bankman.html">Sam Bankman</a>-Fried’s trial was primarily a spectacle of his personal decline, and as the trial progressed, more evidence of his self-serving actions was expected to surface.
Bankman-Fried’s criminal trial is anticipated to continue into November, with Ellison and Singh likely to appear as witnesses against the former CEO. Meanwhile, SBF is expected to remain in custody throughout the trial, following Judge Lewis Kaplan’s decision to revoke his bail in August. Whether Bankman-Fried will choose to testify remains uncertain.
The post Sam Bankman-Fried gave Gary Wang “special privileges” for the Alameda account on FTX. appeared first on BitcoinWorld.
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/sam-bankman-fried-gave-gary-wang-special-privileges-for-the-alameda-account-on-ftx-tbt65581.html">https://thebittimes.com/sam-bankman-fried-gave-gary-wang-special-privileges-for-the-alameda-account-on-ftx-tbt65581.html</a>

Sam Bankman-Fried gave Gary Wang “special privileges” for the Alameda account on FTX.

TheBitTimes

Other articles published on Oct 9, 2023

South Korean Crypto Exchange Upbit Averted 150K Digital Attacks

Bitcoin Price Prediction: BTC Stabilizes at $27,800: OpenAI CEO Praises BTC; Putin Forewarns US D...

Coinbase’s Base TVL Surges 25% Post Tokenized US Treasuries Inclusion

Cardano Founder Charles Hoskinson Responds to Criticism

The Ultimate Investment Journey with Bitcoin Spark, Tezos, and Stellar

Alarming Metrics For Users Using Cross-Chain Crypto Services

Join our free newsletter for daily crypto updates!