Former FTX CEO denies knowledge of fraudulent activities at crypto exchange during trial testimony
During the criminal trial of Sam "SBF" Bankman-Fried, the jury heard his testimony for the first time, in which he denied knowledge of fraudulent activities at the crypto exchange. Bankman-Fried suggested that the former chief technology officer at FTX, Wang, was partly responsible for creating the "allow negative" button for Alameda Research, which gave the crypto hedge fund the ability to trade more funds than it had available. Bankman-Fried stated that he was not entirely sure what was happening with Alameda's line of credit at the time and believed the funds were being held in a bank account or sent to FTX in stablecoins.
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