Sam Bankman-Fried (SBF) is on trial for fraud, with Gary Wang, co-founder of FTX, providing testimony. Wang revealed that Alameda Research, an associated company of SBF, had a “large line of credit” and was able to trade more than it had in its account. This was done with a code attached to the FTX wallet page that allowed users to go above their balance. Alameda was able to withdraw nearly $8 billion in fiat and crypto without any limit. SBF had authorized a line of credit of $65 billion to Alameda, which was more than FTX’s revenue at some point. SBF had tweeted that Alameda was treated like any other customer and did not use FTX funds, which Wang’s testimony disproved. The trial is set to continue next week with more witnesses.

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Information	Details
Geography	North America
Countries
Sentiment	negative
Relevance Score	8
People	Sam Bankman-Fried, Alameda Research., Nishad Singh, Gary Wang, SBF
Companies	Tradingview.com, Inner City Press, Twitter, FTX, Alameda Research
Currencies	FintruX, Ethereum, Bitcoin, Tether, FTX
Securities	None