HomeCryptocurrencySam Bankman-Fried requests exclusive benefits for Alameda's FTX account

Sam Bankman-Fried requests exclusive benefits for Alameda’s FTX account

Gary Wang Testifies on Alameda Account’s ‘Special Privileges’ on FTX

Former FTX co-founder and chief technology officer, Gary Wang, made an appearance in court on the fourth day of the criminal trial of former CEO Sam “SBF” Bankman-Fried. Wang testified regarding the connections between the crypto exchange and Alameda Research.

Wang returned to a New York courtroom on October 6th and revealed that Alameda’s account on FTX had exclusive authorization to trade more than it had available. This unique feature, known as “allow negative,” was reportedly ordered by Bankman-Fried himself back in 2019. Wang, along with former FTX engineering director Nishad Singh, was instructed to implement this function.

Alameda Account’s Special Privileges

According to Wang’s testimony, Alameda Research’s account on FTX was the only one granted the ability to trade beyond its available funds. This feature allowed them to engage in trades without sufficient capital, giving them an advantage in the market. Bankman-Fried allegedly requested the implementation of this feature, providing Alameda Research with special privileges.

- Advertisement -

A Unique Perspective on FTX and Alameda Research

Gary Wang’s testimony sheds light on the relationship between FTX and Alameda Research, highlighting the extent to which Bankman-Fried went to accommodate and benefit Alameda. The revelation of these “special privileges” raises questions about the fairness and transparency of FTX’s trading practices.

Implications for the Criminal Trial

Wang’s testimony is expected to play a crucial role in the ongoing criminal trial against Bankman-Fried. It provides insight into the decision-making process and actions taken by the former CEO, potentially influencing the outcome of the case.

It is crucial to note that the information presented in this article is based on the testimony provided during the trial. The final judgment will be made by the court, taking into account all the evidence and arguments presented.

Must Read