Adam Yedidia, a former software developer at FTX, testified about the automating customer deposits and withdrawals on the second day of former CEO Sam Bankman-Fried’s trial for fraud and conspiracy.
Yedidia was involved in writing a buggy program to automate FTX customer deposits and withdrawals and was concerned by the size of the Alameda Research liability on the FTX books.Adam Yedidia, Sam Bankman-Fried’s college roommate and an early employee of FTX, continued his testimony on Oct. 5, the second day of former FTX CEO Bankman-Fried’s trial in New York. Yedidia was testifying for the prosecution with immunity.
Yedidia said he was involved in writing the coder to automate customer deposits and withdrawals from FTX. Bankman-Fried was also “very involved” in the project. Yedidia initially thought customer deposits were going to an FTX bank account, but he learned that FTX was having trouble opening a bank account and deposits
Deposits were also tracked in an internal FTX database in an account called “Fiat at FTX.com,” which contained information, and not money. The sum of customer deposits should equal the amount of liability in “Fiat at FTX.com,” Yedidia explained.Yedidia learned in late 2021 that the automation code he had helped develop had a bug. Because of the bug, customer withdrawals lowered the liability recorded in “Fiat at FTX.
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