SBF's Web of Deceit Exposed: The Mind-Blowing Money Mishandling Unveiled!
💥 A Searing Testimony from Gary Wang 🔥
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 privileges” from FTX. 🕵️♂️ The privilege? A seemingly unending line of credit, enabled through an ‘allow negative’ code, allowing the trading firm to dip its hands into nearly $8 billion in fiat and crypto. 😱
📉 The Staggering Figures and Hidden Truths 📊
It’s a massive imbalance! Alameda, at one point, had a negative balance to the tune of “$200 million or more”, dwarfing FTX’s revenue which stood around $150 million. ⚖️ But it doesn’t stop there: SBF had approved a staggering $65 billion line of credit for Alameda, something no other FTX customer came close to experiencing. 💸
🔄 Contradictory Faces of Alameda and FTX 🤥
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! 💥 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. 🎭 The prosecution will continue its pursuit on October 10, with more witnesses expected to join the fray.
👀 Full deep-dive into the courtroom twists and turns, figures, and what this means for the crypto world, over on our website! [Link]
👇💬 What’s your take on the ongoing trial and these bombshell revelations? Dive into the comments and let’s unravel this financial drama together!
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