{"id":554500,"date":"2023-10-07T15:00:02","date_gmt":"2023-10-07T15:00:02","guid":{"rendered":"https:\/\/ktsl888.com\/?p=554500"},"modified":"2023-10-07T14:10:45","modified_gmt":"2023-10-07T14:10:45","slug":"sam-bankman-fried-allegedly-used-customer-funds","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/ftx-ftt-bankman\/sam-bankman-fried-allegedly-used-customer-funds\/","title":{"rendered":"Here\u2019s How Sam Bankman-Fried Allegedly Used Customer Funds On Alameda Research"},"content":{"rendered":"

On day four of the criminal trial of former FTX CEO Sam Bankman-Fried, Gary Wang, who co-founded the now-bankrupt crypto exchange and served as its former chief technology officer (CTO), testified. During his testimony, the former FTX executive revealed details about the connection between the cryptocurrency exchange and Alameda Research.<\/p>\n

FTX\u2019s Sam Bankman-Fried Allegedly Gave Alameda Research ‘Special Privileges’<\/strong><\/h2>\n

According to various reports<\/a>, on Friday, October 6, Wang appeared again in court and testified that Alameda Research\u2019s account on FTX was allowed to trade more funds than it had available. The former FTX CTO reportedly said that Sam Bankman-Fried authorized the integration of a \u201callow negative\u201d feature, which afforded Alameda \u201cspecial privileges\u201d on FTX.<\/span><\/p>\n

Wang reportedly revealed that the \u201callow negative\u201d feature enabled Alameda to hold a negative balance more than FTX\u2019s revenue at some point in 2020 ($200 million against $150 million). According to reports, Wang claimed that he increased Alameda\u2019s line of credit several times and up to $65 billion<\/a> under Bankman-Fried\u2019s instructions.<\/span><\/p>\n

\n
Related Reading: Dogecoin Under Pressure: Will Bearish Momentum Push Meme Coin Below $0.06?<\/a><\/div>\n<\/div>\n

When the government’s prosecutors questioned where the money came from, Wang reportedly affirmed that it came from FTX\u2019s customers\u2019 funds. Based on the co-founder\u2019s testimony, Bankman-Fried claimed that the \u201callow negative\u201d feature was all about FTT, a native cryptocurrency \u201ccreated to act as equity in FTX.\u201d<\/span><\/p>\n

Wang reportedly acknowledged that the customers never authorized their funds to be used by Alameda Research. \u201cThe customers did not give us permission to use their accounts like this,\u201d the former FTX chief technology officer allegedly said.<\/span><\/p>\n

Did SBF Repeatedly Lie About Connections With Alameda?<\/strong><\/h2>\n

During his testimony, Wang was asked whether he remembered Bankman-Fried making public statements about Alameda\u2019s unusual connections with the FTX exchange. \u201cYes, he (SBF) said they (Alameda Research) were treated equally and didn’t use FTX funds,\u201d the FTX cofounder allegedly affirmed.<\/span><\/p>\n

Furthermore, the prosecutors showed Wang – and the court – a 2019 tweet from SBF claiming that Alameda was not using funds from FTX. Interestingly, Wang affirmed that Bankman-Fried ordered the addition of \u201callow negative\u201d in the exchange\u2019s codebase on the same day the tweet was made.<\/span><\/p>\n

\n
Related Reading: Trillions In Shiba Inu On The Move: What Lies Ahead For The Meme Coin?<\/a><\/div>\n<\/div>\n

It appears that is not the only time Bankman-Fried lied about Alameda\u2019s activities on the FTX exchange. The former FTX CTO testified that Bankman-Fried subsequently claimed on Twitter (now X) and on phone calls that customer funds were kept safe.<\/span><\/p>\n

On Thursday, October 5, Gary Wang reportedly admitted to committing fraud-related crimes<\/a> while at the FTX exchange alongside Sam Bankman-Fried, former Alameda CEO Caroline Ellison, and former engineering director Nishad Singh. With the trial expected to continue till November, it remains to be seen whether or when the other former top FTX and Alameda executives will take the stand.<\/span><\/p>\n

\"Sam<\/p>\n

FTT price trading at $1.188 on the daily timeframe | Source: FTTUSDT chart on TradingView<\/a><\/pre>\n
Featured image from Vox, chart from TradingView<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"
On day four of the criminal trial of former FTX CEO Sam Bankman-Fried, Gary Wang, who co-founded the now-bankrupt crypto exchange and served as its former chief technology officer (CTO), testified. During his testimony, the former FTX executive revealed details about the connection between the cryptocurrency exchange and Alameda Research. FTX\u2019s Sam Bankman-Fried Allegedly Gave Alameda Research ‘Special Privileges’ According to various reports, on Friday, October 6, Wang appeared again in court and testified that Alameda Research\u2019s account on FTX was allowed to trade more funds than it had available. The former FTX CTO reportedly said that Sam Bankman-Fried authorized the integration of a \u201callow negative\u201d feature, which afforded Alameda \u201cspecial privileges\u201d on FTX. Wang reportedly revealed that the \u201callow negative\u201d feature enabled Alameda to hold a negative balance more than FTX\u2019s revenue at some point in 2020 ($200 million against $150 million). According to reports, Wang claimed that he increased Alameda\u2019s line of credit several times and up to $65 billion under Bankman-Fried\u2019s instructions. Related Reading: Dogecoin Under Pressure: Will Bearish Momentum Push Meme Coin Below $0.06? When the government’s prosecutors questioned where the money came from, Wang reportedly affirmed that it came from FTX\u2019s customers\u2019 funds. Based on the co-founder\u2019s testimony, Bankman-Fried claimed that the \u201callow negative\u201d feature was all about FTT, a native cryptocurrency \u201ccreated to act as equity in FTX.\u201d Wang reportedly acknowledged that the customers never authorized their funds to be used by Alameda Research. \u201cThe customers did not give us permission to use their accounts like this,\u201d the former FTX chief technology officer allegedly said. Did SBF Repeatedly Lie About Connections With Alameda? During his testimony, Wang was asked whether he remembered Bankman-Fried making public statements about Alameda\u2019s unusual connections with the FTX exchange. \u201cYes, he (SBF) said they (Alameda Research) were treated equally and didn’t use FTX funds,\u201d the FTX cofounder allegedly affirmed. Furthermore, the prosecutors showed Wang – and the court – a 2019 tweet from SBF claiming that Alameda was not using funds from FTX. Interestingly, Wang affirmed that Bankman-Fried ordered the addition of \u201callow negative\u201d in the exchange\u2019s codebase on the same day the tweet was made. Related Reading: Trillions In Shiba Inu On The Move: What Lies Ahead For The Meme Coin? It appears that is not the only time Bankman-Fried lied about Alameda\u2019s activities on the FTX exchange. The former FTX CTO testified that Bankman-Fried subsequently claimed on Twitter (now X) and on phone calls that customer funds were kept safe. On Thursday, October 5, Gary Wang reportedly admitted to committing fraud-related crimes while at the FTX exchange alongside Sam Bankman-Fried, former Alameda CEO Caroline Ellison, and former engineering director Nishad Singh. With the trial expected to continue till November, it remains to be seen whether or when the other former top FTX and Alameda executives will take the stand. FTT price trading at $1.188 on the daily timeframe | Source: FTTUSDT chart on TradingView Featured image from Vox, chart from TradingView<\/p>\n","protected":false},"author":590,"featured_media":554504,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,87361],"tags":[84030,86845,71704,89596,83748],"class_list":["post-554500","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-ftx-ftt-bankman","tag-alameda-research","tag-fttusdt","tag-ftx","tag-gary-wang","tag-sam-bankman-fried"],"acf":[],"yoast_head":"\nHow Sam Bankman-Fried Allegedly Used Customer Funds<\/title>\n<meta name=\"description\" content=\"On day four of the criminal trial of former FTX CEO Sam Bankman-Fried, Gary Wang, who co-founded the now-bankrupt crypto exchange and served as its former\" \/>\n<meta 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While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies. Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. \u201cLooking\u201d is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi\u2019s favorite part - in fact, far from it. Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. \u201cThis emphasizes the intricacies of blockchain technology and the cryptocurrency market,\u201d he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger. When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi\u2019s Spotify Daily Mix. Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K. Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that. Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi\u2019s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings. Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that \u201cwhatever is worth doing at all is worth doing well.\u201d Hence, you will always find him striving to be better. Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.","sameAs":["https:\/\/www.linkedin.com\/in\/opeyemi-sule-027bb5227","https:\/\/x.com\/https:\/\/twitter.com\/fwOpeyemi"],"url":"https:\/\/ktsl888.com\/author\/oluwatosino\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Here\u2019s How Sam Bankman-Fried Allegedly Used Customer Funds On Alameda Research","url":"http:\/\/ktsl888.com\/news\/ftx-ftt-bankman\/sam-bankman-fried-allegedly-used-customer-funds\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/ftx-ftt-bankman\/sam-bankman-fried-allegedly-used-customer-funds\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/10\/a-2.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/10\/a-2.jpg?fit=1200%2C800"},"articleSection":"FTX, FTT and Sam Bankman Fried","author":[{"@type":"Person","name":"Opeyemi Sule"}],"creator":["Opeyemi Sule"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["alameda research","fttusdt","ftx","gary wang","sam bankman-fried"],"dateCreated":"2023-10-07T15:00:02Z","datePublished":"2023-10-07T15:00:02Z","dateModified":"2023-10-07T15:00:02Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Here\\u2019s How Sam Bankman-Fried Allegedly Used Customer Funds On Alameda Research\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/ftx-ftt-bankman\\\/sam-bankman-fried-allegedly-used-customer-funds\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/ftx-ftt-bankman\\\/sam-bankman-fried-allegedly-used-customer-funds\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/a-2.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/a-2.jpg?fit=1200%2C800\"},\"articleSection\":\"FTX, FTT and Sam Bankman Fried\",\"author\":[{\"@type\":\"Person\",\"name\":\"Opeyemi Sule\"}],\"creator\":[\"Opeyemi Sule\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"alameda research\",\"fttusdt\",\"ftx\",\"gary wang\",\"sam bankman-fried\"],\"dateCreated\":\"2023-10-07T15:00:02Z\",\"datePublished\":\"2023-10-07T15:00:02Z\",\"dateModified\":\"2023-10-07T15:00:02Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/10\/a-2.jpg?fit=1200%2C800","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/554500"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/590"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=554500"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/554500\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/554504"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=554500"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=554500"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=554500"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}