FTX founder Sam Bankman-Fried arrives at Manhattan federal court, Friday, Aug. 11, 2023, in New York. York. Bankman-Fried returned to New York City for a bail hearing Friday that could decide whether the fallen cryptocurrency wiz must go to jail while he awaits trial.
Sam Bankman-Fried's college roommate and ex-colleague, Gary Wang, testified on Thursday at the FTX cryptocurrency exchange founder's fraud trial that Bankman-Fried told him to give a hedge fund they co-owned special trading privileges on FTX.Ex-colleague testifies that Alameda Research had access to more credit than other users were grantedThe fraud trial of FTX founder Sam Bankman-Fried, seen here outside a federal court in Manhattan in August, began this week.
"It withdrew so much that FTX was not able to repay customers who were trying to withdraw," said Wang, FTX's former chief technology officer. He added that Bankman-Fried had directed him to implement the changes giving Alameda special privileges. Earlier Thursday, jurors heard from Adam Yedidia, a former FTX computer programmer who reported to Wang andYedidia said that in fixing an error in FTX's code in June 2022, he saw that Alameda owed FTX $8 billion. The debt had arisen because the exchange could not open its own bank accounts and had instructed FTX's users to wire money to Alameda, he said.
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