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Gary Wang, co-founder of Alameda Research and FTX, testified in court on Friday, detailing the special privileges that Sam Bankman-Fried granted Alameda Research on FTX. Wang testified that in November 2022, FTX had an $8 billion hidden liability called “fiat@”, which was secretly reassigned to an account granted special privileges so Alameda Research wouldn’t have to pay interest on its line of credit. Wang also revealed that Alameda’s accounts had certain privileges not shared by other accounts on the exchange, including exemption from paying interest on its loan. Wang is set to face cross-examination from Bankman-Fried’s defense lawyers when court resumes on Tuesday.

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Filed under: Bitcoin - @ October 7, 2023 5:09 am