SBF's Web of Deceit Exposed: The Mind-Blowing Money Mishandling Unveiled!
š„ A Searing Testimony from Gary Wang š„
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 privilegesā from FTX. šµļøāāļø The privilege? A seemingly unending line of credit, enabled through an āallow negativeā code, allowing the trading firm to dip its hands into nearly $8 billion in fiat and crypto. š±
š The Staggering Figures and Hidden Truths š
Itās a massive imbalance! Alameda, at one point, had a negative balance to the tune of ā$200 million or moreā, dwarfing FTXās revenue which stood around $150 million. āļø But it doesnāt stop there: SBF had approved a staggering $65 billion line of credit for Alameda, something no other FTX customer came close to experiencing. šø
š Contradictory Faces of Alameda and FTX š¤„
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! š„ 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. š The prosecution will continue its pursuit on October 10, with more witnesses expected to join the fray.
š Full deep-dive into the courtroom twists and turns, figures, and what this means for the crypto world, over on our website! [Link]
šš¬ Whatās your take on the ongoing trial and these bombshell revelations? Dive into the comments and letās unravel this financial drama together!
š Follow @TheBlockopedia for edge-of-the-seat crypto news, and let's explore the unfolding stories in the blockchain universe! šš
