Sam Bankman-Fried is guilty on all seven federal charges in his criminal trial for defrauding customers of his crypto exchange out of billions of dollars with his crypto empire, jurors decided on Thursday night in a Southern District of New York court, Reuters reports. Jurors reached a verdict at 7:40 p.m., according to CoinDesk, that … Read more
Photo: Victor J. Blue/Bloomberg (Getty Images) Sam Bankman-Fried testified before a jury for the first time on Friday saying he did not defraud FTX customers or take their funds, according to Bloomberg’s live reporting of the trial. The FTX and Alameda’s founder said that Alameda “borrowed” them, but admitted “a lot of people got hurt.” … Read more
Photo: Michael M. Santiago (Getty Images) Gary Wang, cofounder and chief technology officer for FTX, focused on a single piece of code during his testimony: “allow_negative.” SBF did not code at FTX, so Wang was responsible for orchestrating all of the technical changes at the company. The code “allow_negative” allowed for Alameda Research’s balances to … Read more