New details about the process in which Sam Bankman-Fried’s hedge fund allegedly stole customer money might impact his ongoing federal fraud trial.
Last year, it took reporters digging into Alameda Research’s balance sheet to finally show that ex-FTX CEO Sam Bankman-Fried’s big crypto house of cards was built on a shaky bedrock of customer funds. But according to a new report, a few FTX employees were well aware that Bankman-Fried’s hedge fund Alameda had backdoor access to the crypto exchange’s funds months before the company’s multi-billion dollar collapse. Of course, their complaints were ignored.
All those who pled guilty have agreed to testify against their former boss, but we’re only on the second day of the trial, so it’s unclear if this new timeline will be brought up. The U.S. Attorney’s office has said that all these former execs alongside FTX chief operating officer Constance Wang are on the witness list and may testify against their former boss. The New York U.S. Attorney’s Office declined to respond to Gizmodo’s request for comment.
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