The continuing trial of Sam Bankman-Fried, the founding father of cryptocurrency change FTX, reached an emotional peak on Wednesday. The proceedings revolve round allegations that Bankman-Fried orchestrated a conspiracy to divert $10 billion from buyer accounts for private and political bills. {A photograph} of Bankman-Fried and Gary Wang, a former fraternity brother, at M.I.T was offered throughout the trial, resulting in an emotional response from Bankman-Fried’s mom, Barbara Fried.
The prosecution’s case is being constructed on testimonies from Bankman-Fried’s shut associates, together with former fraternity brothers and ex-girlfriend Caroline Ellison. Ellison, who can also be the CEO of Alameda Analysis, testified for eight hours about their turbulent relationship documented in Google (NASDAQ:) paperwork. Her choice to cooperate with prosecutors got here after an FBI raid at her mother and father’ residence.
Adam Yedidia, a fraternity brother and former FTX developer, testified in opposition to Bankman-Fried after resigning when he discovered about Alameda Analysis’s use of FTX buyer funds. Gary Wang additionally offered testimony a few secret backdoor within the change’s code that facilitated the switch of buyer cash to Alameda Analysis. Each Yedidia and Wang met Bankman-Fried at an M.I.T math camp and had been a part of his internal circle dwelling in a five-bedroom penthouse at FTX’s Bahamas headquarters.
Andrea Lincoln, Yedidia’s fiancée and an worker at FTX, is amongst those that have testified in opposition to Bankman-Fried. Nishad Singh, an FTX govt and childhood pal of Bankman-Fried’s brother, is anticipated to testify within the coming days.
Bankman-Fried’s authorized troubles started with accusations of misappropriating buyer funds for private and political bills. The people who’ve testified in opposition to him embody faculty buddies from the Epsilon Theta fraternity at MIT, a former lover, and childhood buddies, all of whom lived with him within the penthouse at FTX’s Bahamas headquarters. These people have both secured immunity or pleaded responsible within the case.
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