{"id":23886,"date":"2023-10-07T07:43:32","date_gmt":"2023-10-07T07:43:32","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/day-four-highlights-in-sam-bankman-frieds-trial\/"},"modified":"2023-10-07T07:43:32","modified_gmt":"2023-10-07T07:43:32","slug":"day-four-highlights-in-sam-bankman-frieds-trial","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/day-four-highlights-in-sam-bankman-frieds-trial\/","title":{"rendered":"Day Four Highlights in Sam Bankman-Fried\u2019s Trial"},"content":{"rendered":"<p><b>(Originally posted on : Crypto News &#8211; iGaming.org )<\/b><br \/>\n<\/p>\n<div>\n<p>Gary Wang, once a pivotal figure at FTX as its CTO, recently shared revealing insights into the operations of FTX and Alameda Research. Highlighted were concerns around the financial handling, where Alameda Research seemed to have extracted more than the profit FTX generated through its fees. At a point, this discrepancy soared to a staggering $20 billion.<\/p>\n<h2><strong>Key Insights from Day 4<\/strong><\/h2>\n<ul>\n<li>On the <a href=\"https:\/\/igaming.org\/crypto\/day-three-highlights-in-sam-bankman-frieds-trial\/\">third day<\/a> of SBF\u2019s trial, Wang marked Sam Bankman-Fried, FTX\u2019s founder, as a party to the alleged fraud.<\/li>\n<li>Noteworthy mentions also included Paradigm\u2019s Matt Huang revealing a markdown of $278 million from investments in FTX and Adam Yedidia identifying a pivotal \u201ccode error\u201d.<\/li>\n<li>Testimonies painted a picture of alleged acts of wire fraud, securities fraud, and commodities fraud by the key players at FTX and Alameda Research.<\/li>\n<\/ul>\n<p>Gary Wang spoke in detail about Alameda Research\u2019s operations:<\/p>\n<div class=\"main-org-3-item-ins box-100 relative mb-4\">\n<div class=\"space-org-3-items box-100 relative\">\n<div class=\"box-100 space-org-3-item relative border-tb mt-1 \">\n<div class=\"space-org-3-item-ins box-100 relative\">\n<div class=\"space-org-3-item-terms box-25 relative\">\n<div class=\"space-org-3-item-terms-ins box-100 text-center relative\"> <strong><strong>Get 125% \/ $2,500 on 1st deposit!<\/strong><\/strong> <\/p>\n<p>New players only. Exclusive Welcome Bonus of up to $2,500<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<ul>\n<li>Alameda\u2019s FTX account featured an \u201callow negative\u201d function. This unusual feature permitted the firm to trade beyond its account balance, leading to a concerning withdrawal of $8 billion in customer assets.<\/li>\n<li>The discovery by prosecutors indicated that Alameda held multiple accounts on FTX, with varied purposes from trading to extensive withdrawals.<\/li>\n<li>An intriguing find was the vast discrepancy between the credit lines. While FTX users accessed a margin lending system of $2 billion, Alameda enjoyed a whopping $65 billion credit line.<\/li>\n<\/ul>\n<p>The trial\u2019s progression also brought to light SBF\u2019s efforts to preserve Alameda\u2019s image, which seemed to be paramount. He reassured investors about the safety of customer assets and portrayed Alameda merely as a market maker. Additionally, Wang introduced the concept of a faux insurance fund propagated by SBF.<\/p>\n<p>One startling revelation was Alameda\u2019s withdrawals surpassing FTX\u2019s revenue. Wang showcased a database analysis where Alameda\u2019s negative balance was a significant $200 million, overshadowing FTX\u2019s revenue, pegged at $150 million.<\/p>\n<p>While day 4 wrapped up with the testimony of Gary Wang, the trial is far from over. Upcoming sessions will further delve into Alameda\u2019s extensive deficits and the purported misuse of customer funds.<\/p>\n<div class=\"main-org-3-item-ins box-100 relative mb-4\">\n<div class=\"space-org-3-items box-100 relative\">\n<div class=\"box-100 space-org-3-item relative border-tb mt-1 \">\n<div class=\"space-org-3-item-ins box-100 relative\">\n<div class=\"space-org-3-item-terms box-25 relative\">\n<div class=\"space-org-3-item-terms-ins box-100 text-center relative\"> <strong>350% or 5BTC + <strong>150 Spins!<\/strong><\/strong> <\/p>\n<p>New players only. Exclusive Welcome Bonus of 350% + 150 Free Spins <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div><\/div>\n<p><a href=\"https:\/\/igaming.org\/crypto\/day-four-highlights-in-sam-bankman-frieds-trial\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Crypto News &#8211; iGaming.org ) Gary Wang, once a pivotal figure at FTX as its CTO, recently shared revealing insights into the operations of FTX and Alameda Research. Highlighted were concerns around the financial handling, where Alameda Research seemed to have extracted more than the profit FTX generated through its fees. [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":23887,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/23886"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=23886"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/23886\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/23887"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=23886"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=23886"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=23886"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}