SBF's Web of Deceit Exposed: The Mind-Blowing Money Mishandling Unveiled!
๐ฅ A Searing Testimony from Gary Wang ๐ฅ
A shocking and somewhat scandalous reveal took place in the courtroom on October 6. Gary Wang, Co-founder of FTX and close associate to Sam Bankman-Fried (SBF), provided a deeper, darker look into Alameda Research's "special privilegesโ from FTX. ๐ต๏ธโโ๏ธ The privilege? A seemingly unending line of credit, enabled through an โallow negativeโ code, allowing the trading firm to dip its hands into nearly $8 billion in fiat and crypto. ๐ฑ
๐ The Staggering Figures and Hidden Truths ๐
Itโs a massive imbalance! Alameda, at one point, had a negative balance to the tune of โ$200 million or moreโ, dwarfing FTXโs revenue which stood around $150 million. โ๏ธ But it doesnโt stop there: SBF had approved a staggering $65 billion line of credit for Alameda, something no other FTX customer came close to experiencing. ๐ธ
๐ Contradictory Faces of Alameda and FTX ๐คฅ
The public was led to believe that Alameda Research was a liquidity provider for FTX, but Wang's testimony has flipped the narrative on its head! ๐ฅ Alameda was not the provider but a colossal withdrawer, extracting funds from FTX to an extent that raises eyebrows and sets the stage for more courtroom drama. ๐ญ The prosecution will continue its pursuit on October 10, with more witnesses expected to join the fray.
๐ Full deep-dive into the courtroom twists and turns, figures, and what this means for the crypto world, over on our website! [Link]
๐๐ฌ Whatโs your take on the ongoing trial and these bombshell revelations? Dive into the comments and letโs unravel this financial drama together!
๐ Follow @TheBlockopedia for edge-of-the-seat crypto news, and let's explore the unfolding stories in the blockchain universe! ๐๐
