Sam Bankman-Fried’s criminal trial heated up on Thursday as former friends and allies took the witness stand
Sam Bankman-Fried's criminal trial heated up on Thursday as former friends and allies took the witness stand.Jane Rosenberg | Reuters
Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weekly"Yes," responded Wang. He said that his crimes, including wire and commodities fraud, were carried out with the help of Bankman-Fried,"Mr. Wang, do you see any of the people you committed those crimes with in the courtroom today?" Roos continued.
Wang said that in response to the reporting an emergency meeting was called between Bankman-Fried, Wang and Singh, to discuss shutting down Alameda. He said they ultimately decided against such a move, because he and Bankman-Fried were aware that Alameda had no way to repay the roughly $14 billion hole in its books.
Born in China, Wang moved to the U.S. at age 7, and grew up in Minnesota before going to the Massachusetts Institute of Technology to study math and computer science. He worked at Wang also told the court about a $1 million personal loan he received and a $200 million to $300 million loan in his name from Alameda that was never deposited into his account, but rather was used to make investments into other companies on behalf of FTX. That was all done by Bankman-Fried, he testified.
One of Yedidia's responsibilities was fixing the bug in the code that gave Alameda preferential treatment. In June 2022, he submitted a report to Bankman-Fried on Signal that showed $8 billion in customer money held in an internal database tracking the cash wired to an Alameda account called"fiat at He asked about the long hours employees worked and Yedidia's concern for Wang being near burnout. That resulted in Yedidia instituting a rule to not wake Wang at night for bug fixes because he needed sleep.
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