(Bloomberg) -- FTX co-founder Gary Wang said he and Sam Bankman-Fried committed a multibillion-dollar fraud with customer funds that led to the cryptocurrency exchange’s collapse, shortly after taking the stand against his onetime math camp buddy and MIT roommate.Most Read from BloombergAlmost Anyone Can Become the House Speaker, Except Donald TrumpOzempic Is Making People Buy Less Food, Walmart SaysOnly an Equities Crash Can Rescue the Bond Market, Barclays SaysThe Moral Case for No Longer Enga
-- FTX co-founder Gary Wang said he and Sam Bankman-Fried committed a multibillion-dollar fraud with customer funds that led to the cryptocurrency exchange’s collapse, shortly after taking the stand against his onetime math camp buddy and MIT roommate.It's Done. The Future Is Battery-Powered Electric Cars
The testimony by Wang, who pleaded guilty to fraud and agreed to cooperate against his onetime friend in December, promises to be among the most powerful the government puts on against Bankman-Fried. Wang, also FTX’s chief technology officer, said Bankman-Fried directed him to alter the cryptocurrency exchange’s code so that Alameda was able to draw a $65 billion line of credit.
Yedidia said he discovered that Alameda’s massive liability to FTX in June 2022 while working on an internal accounting program and decided to discuss the matter with Bankman-Fried. Yedidia testified that he received a $6 million cash bonus at the end of 2021, which he immediately invested it in FTX stock. Though his base salary was between $175,000 and $200,000, Yedidia said he received several millions of dollars in cash bonuses and stock options.
Yedidia testified that, sometime in 2019 that Bankman-Fried told him he and Ellison, who was not yet Alameda CEO, had had sex and asked whether it would be a good idea for them to date.Later, as customers were rapidly pulling out of FTX in November 2022, Yedidia and Bankman-Fried were texting each other.But he said he wound up resigning shortly afterward, when he learned that Alameda Research had been using FTX customer funds to repay its creditors.
Subscribe to the Bloomberg Crypto newsletter for the latest updates and analysis as Sam Bankman-Fried’s trial continues.GRANADA, Spain — Almost 50 European leaders used a summit in the southern Spanish city of Granada on Thursday to stress that they stand by Ukraine at a time when Western resolve appears weakened. Ukrainian President Volodymyr Zelenskyy said that beside maintaining such unity, more military aid to get through the winter was essential.
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Sam Bankman-Fried Told MIT Friend $8 Billion Hole Meant FTX Wasn’t ‘Bulletproof’ - BNN BloombergSam Bankman-Fried last year told a close friend from MIT who joined FTX as a software developer that the cryptocurrency exchange was no longer “bulletproof” amid mounting failures in the industry and $8 billion that had been lent to affiliated hedge fund Alameda Research.
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Sam Bankman-Fried's trial to resume with jury selection, opening statementsBy Luc Cohen NEW YORK (Reuters) - Sam Bankman-Fried's trial on charges of stealing billions of dollars from customers of his now-bankrupt FTX ...
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Sam Bankman-Fried's trial to resume with jury selection, opening statementsSam Bankman-Fried's trial on charges of stealing billions of dollars from customers of his now-bankrupt FTX cryptocurrency exchange is set to resume on Wednesday, with the judge aiming to finish selecting a jury and move on to opening statements. The 31-year-old-former billionaire's trial kicked off on Tuesday, nearly a year after FTX collapsed in a meltdown that shocked financial markets and tarnished the budding entrepreneur and philanthropist's reputation as an honest actor in a crypto sector pockmarked by scams and purported get-rich-quick schemes. U.S. District Judge Lewis Kaplan chose a pool of nearly 50 qualified jurors, after dismissing dozens who could not serve for personal or professional reasons or would not be able to reach an impartial verdict.
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Sam Bankman-Fried faces crypto-crash fatigue with potential jurors in FTX trialAt least five potential jurors told a judge that they or relatives lost money on crypto, highlighting a public-perception challenge for the FTX founder in his criminal trial.
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FTX founder Sam Bankman-Fried’s trial to resume with jury selection, opening statementsSam Bankman-Fried has pleaded not guilty and is likely to argue that while he failed to adequately manage risk, he did not steal money
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Who’s Who in the Sam Bankman-Fried Trial(Bloomberg) -- Opening arguments start Wednesday as Sam Bankman-Fried stands trial accused of orchestrating one of the biggest financial frauds in American history. At his peak, was the crypto industry’s golden boy. He had $16 billion and a digital assets empire.Prosecutors will tell the court how Bankman-Fried directed the use of customer funds for trading at sister hedge fund Alameda Research, lavish property purchases in The Bahamas, executive loans and political donations at a time when Cong
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