👀SBF Trial Continues, New Stormy Details Emerge

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Today’s selection:

• ⛈Stormy Details Come Out During SBF’s Trial

• 📰Bite-Sized News

• 👌Selected Meme of The Day

STORMY CLOUDS OVER SBF’s TRIAL

So, the trial of Sam Bankman-Fried is already taking place. And, as expected, interesting details are resurfacing.

For example, Gary Wang, one of the founders of FTX and the ex-CTO, spilled the beans on some suspicious-looking stuff between FTX and Alameda Research, the company once run by Caroline Ellison.

So, on October 5th, Gary Wang took the hot seat as a key witness in the trial against Sam Bankman-Fried (aka SBF), the former CEO of FTX. (It's noteworthy that Wang's testimonies were part of an agreement he made with prosecutors after pleading guilty in December 2022.)

Assistant US Attorney Danielle Sassoon questioned Wang, and here’s what he had to say:

"We allowed Alameda to withdraw unlimited funds."

Wang also clarified that his primary role was coding, while SBF handled media interactions, lobbying, and discussions with investors. He emphasized that any disagreements ultimately rested on Bankman-Fried's judgment.

Interestingly, other witnesses have pointed out that SBF directed his staff to use FTX's customer funds to cover Alameda's financial losses.

This suggests that things may be even worse than previously assumed.

Caroline Ellison and Nishad Singh, the former CEO of Alameda Research and the former engineering director at FTX, respectively, are also expected to provide evidence against Bankman-Fried. The trial is anticipated to conclude sometime in November.

Back in August, Judge Lewis Kaplan revoked Bankman-Fried's bail following accusations from prosecutors that he attempted to intimidate witnesses, including Ellison.

Gary Wang's recent testimony has added a layer of complexity to the ongoing trial of Sam Bankman-Fried. With the co-founder openly acknowledging wrongdoing during his time at FTX and disclosing unrestricted fund withdrawals for Alameda Research, the case against SBF appears to be intensifying.

But no one would disagree that this is literally what everyone expected. And it’s sure that this intensifying is about to intensify even more.

Upcoming testimonies from former colleagues are eagerly awaited, as the courtroom drama heads toward an eventful conclusion.

Well, what else can be added. This weekend will bring many more updates, and the following week is gonna be packed with action. Crypto action. The kind that we like to write about, and you, our readers, like to read. Fingers crossed for stuff to be interesting!

TL;DR: Gary Wang's testimony revealed financial connections between FTX and Alameda Research, raising questions about their relationship. The trial of Sam Bankman-Fried is heating up as witnesses, including Wang, shed light on potentially dubious financial practices.

BITE-SIZED NEWS

• Opening Statements Set the Stage in Sam Bankman-Fried's FTX Trial. The long-awaited Sam Bankman-Fried trial is ON.

• FTX's Suspected Hacker Resurfaces with Major Ether Transfers as CEO Stands Trial. Parallel drama unfolds as FTX exploiter and ex-CEO both make headlines.

• Elon Musk Confronts SEC and DOJ Following Twitter Deal Investigation. Elon Musk accuses regulatory bodies of misuse of power, calls for a thorough rehaul.

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Disclaimer: This newsletter is strictly educational. None of this information is intended to be financial advice. Always do your research and act responsibly with your profits.