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☆ Sam Bankman-Fried's defense lawyer gave a snooze-worthy cross-examination of key witness Caroline Ellison in criminal trial
▼ + stars: | 2023-10-13 | by ( Katie Balevic | Jacob Shamsian | ) www.businessinsider.com time to read: +4 min

Their cross of Caroline Ellison, arguably the biggest witness in the case, was noticeably repetitive. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Ex-girlfriend and ex-Alameda-CEO Caroline Ellison returned to the witness stand in Manhattan federal court on Thursday for a cross-examination frequently interrupted with objections and sidebars. AdvertisementAdvertisementThe former CEO of FTX's sister company Alameda Research, Ellison pleaded guilty to seven financial fraud and conspiracy charges in December.

Persons: Sam Bankman, Caroline Ellison, —, Mark Cohen, quizzing Ellison, Ellison, Cohen, Fried, Bankman, Lewis Kaplan, Danielle Sassoon Organizations: Service, Alameda, Alameda Research, FBI Locations: Manhattan, Alameda, FTX, Bahamas

One update from September 28 warned, based on multiple streams of intelligence, that the terror group Hamas was poised to escalate rocket-attacks across the border. An October 5 wire from the CIA warned generally of the increasing possibility of violence by Hamas. Intelligence assessments are written by the intelligence community to inform policy makers and enable them to make decisions. For example, Israeli officials failed to recognize routine Hamas training exercises as a sign that the group was preparing an imminent attack. It’s also possible that the Hamas operation was more successful than the group anticipated, one former intelligence official and another source familiar with current intelligence said.

Persons: Biden, ”, Mostafa Alkharouf, Bill Burns, William Burns, Amanda Andrade, Rhoades, —, Defense Lloyd Austin, Valentin, Eli, Ghnassia, Alexi J . Rosenfeld, “ Israel, Joe Biden, Israel, Jake Sullivan, Susan Walsh, ” Sullivan, ” Tzachi, It’s, “ Organizations: Washington CNN, Palestinian, Hamas, CIA, CNN, West Bank, Getty, White House, Georgetown School of Foreign Service, Intelligence, intel, Defense, Biden, Kibbutz, Shin, New York Times, National Intelligence, White, The, Festival Locations: Israel, CNN Israel, Gaza, Anadolu, Eastern, Washington ,, Kibbutz Be'eeri, Jerusalem, Shin Bet, Israel’s, Washington, Israeli

☆ EXCLUSIVE: Listen to 1-hour all-hands Alameda Research meeting where Caroline Ellison admitted the crypto firm took FTX customer money
▼ + stars: | 2023-10-12 | by ( Jacob Shamsian | Katie Balevic | ) www.businessinsider.com time to read: +6 min

Caroline Ellison held an all-hands meeting with Alameda employees where she admitted to taking FTX customer funds. The news sent shockwaves through the office of Alameda Research, the crypto trading firm also owned by Sam Bankman-Fried. AdvertisementAdvertisementAt the all-hands meeting, Ellison appeared "sunken, kind of slouching," and "did not display confident body language," Drappi said. At the meeting, Drappi asked Ellison whether she was aware that Alameda was taking customer money without their permission. Bankman-Fried's lawyers argued Thursday that Ellison's statements at the meeting went far beyond what Bankman-Fried intended to tell Alameda employees.

Persons: Caroline Ellison, Sam Bankman, —, Fried, Binance, Ellison, Christian Drappi, Drappi, Rick Best, — Ellison, Gary Wang, Nashad Singh, Wang, Singh, FTX Organizations: Alameda, Service, Alameda Research Locations: Alameda, Hong Kong, Japan, YOLO

Sam Bankman-Fried laughed and shook his head during Caroline Ellison's testimony, prosecutor claims. The prosecutor asked Bankman-Fried's lawyer to tell his client to control his reactions. Ellison gave emotional testimony Wednesday and appeared to place the blame for FTX's collapse on SBF. AdvertisementAdvertisementCaroline Ellison's testimony provoked a series of reactions from her ex-boyfriend Sam Bankman-Fried on Wednesday, a prosecutor said during a sidebar conversation. Prosecutor Danielle Sassoon told the judge in Bankman-Fried's criminal trial that the FTX cofounder had "laughed, visibly shaken his head, and scoffed" while Ellison testified.

Persons: Sam Bankman, Fried, Caroline Ellison's, Bankman, Ellison, —, Danielle Sassoon, Judge Lewis Kaplan, Mark Cohen, " Sassoon, Cohen, Lewis, he'd, he's Organizations: Service, Alameda Research Locations: Bankman, Manhattan

Caroline Ellison got into the wrong car as she departed from the courthouse on Tuesday. A picture from the scene shows her shocked and panicked expression as she realized her mistake. The blunder illustrates the media circus around Sam Bankman-Fried's criminal trial. AdvertisementAdvertisementCaroline Ellison has had a chaotic few days since she began testifying in the criminal trial of her ex-boyfriend Sam Bankman-Fried. A picture from the scene shows Ellison's seemingly panicked expression as she realized she'd gotten into the wrong vehicle.

Persons: Caroline Ellison, Sam Bankman, —, Ellison, she'd, Ellison's, Eduardo Munoz Alvarez, Fried Organizations: Service, InnerCity Press, Alameda Research, Prosecutors Locations: Manhattan

☆ Sam Bankman-Fried believed his wild hair helped him get higher bonuses early in his career and was 'very valuable,' Caroline Ellison testifies
▼ + stars: | 2023-10-11 | by ( Grace Kay | Jacob Shamsian | Katie Balevic | ) www.businessinsider.com time to read: +4 min

Caroline Ellison told jurors that Sam Bankman-Fried curated his image, especially his messy hair. Ellison said he believed his hair was "essential to his image" and was the reason for past bonuses. AdvertisementAdvertisementSam Bankman-Fried had a carefully curated image — unruly hair and all — according to his ex-girlfriend Caroline Ellison. Additionally, Bankman-Fried encouraged Ellison to have a Twitter in order to generate positive press for the company, she said. Bankman-Fried told Yahoo Finance Live in April 2022 before FTX collapsed.

Persons: Caroline Ellison, Sam Bankman, Fried, Ellison, —, FTX, didn't, — Ellison, he'd, Jane Street, Bankman, Sam Bankman Fried, Michael Lewis, It's, Lewis Organizations: Toyota Corolla, Service, Alameda Research, Honda, Bloomberg, Yahoo Finance, FTX Locations: Manhattan, Alameda, Bankman, Bahamas, FTX

☆ Caroline Ellison 'freaked out' when the crypto market crashed as she realized Alameda owed billions to lenders
▼ + stars: | 2023-10-11 | by ( Katie Balevic | Jacob Shamsian | ) www.businessinsider.com time to read: +3 min

Bankman-Fried directed Ellison to find "alternative ways" to present troubling finances to lenders. Around May 2022, as Alameda continued to borrow from FTX, Ellison said the cryptocurrency market experienced a downturn, as did Alameda's assets. Despite the troubling outlook, Ellison said, Bankman-Fried directed her to continue using FTX customer's assets and other liquid assets to repay Alameda's lenders. Despite her concerns, Bankman-Fried "continued to direct me to repay the loans" that Alameda owed to lenders, Ellison said. When pressed, she added that she "understood that to mean he was telling me to use Alameda's line of credit at FTX."

Persons: Caroline Ellison, Sam Bankman, Fried, Ellison, —, Sam, FTX, messaged Ellison Organizations: Service, Alameda Research, Alameda Locations: Manhattan, Alameda, Ellison

☆ Caroline Ellison believed Sam Bankman-Fried directed $100 million bribe to Chinese officials
▼ + stars: | 2023-10-11 | by ( Jacob Shamsian | Katie Balevic | ) www.businessinsider.com time to read: +6 min

Caroline Ellison testified that Sam Bankman-Fried paid millions in bribes to Chinese officials. AdvertisementAdvertisementCaroline Ellison testified at Sam Bankman-Fried's criminal trial Wednesday that she believed the disgraced crypto mogul paid "in the ballpark of $100 million" in bribes to Chinese government officials. When Alameda paid what I believe was a large bribe to Chinese government officials to get our accounts unlocked," Ellison said. AdvertisementAdvertisement"My impression is that they were unfrozen by paying a bribe," Ellison testified Wednesday. In it, Ellison listed "$150 million for the thing" among other big events for Alameda Research in 2021.

Persons: Caroline Ellison, Sam Bankman, Fried, Ellison, —, Danielle Sassoon, David Ma, Ma, commingling, Lewis Kaplan, Kaplan Organizations: Service, Alameda Research, Alameda, Prosecutors, Bankman Locations: Alameda, China, Manhattan, California

Washington CNN —The US and its allies are warning the Lebanese militant group Hezbollah against escalating the conflict in Israel as the US prepositions military assets to deter a potential widening of the war, multiple US officials and people briefed on the discussions tell CNN. The US won’t officially engage with what has been designated a terrorist group, so Berri is one natural conduit. But current and former senior officials don’t believe Hezbollah is eager to join the war, largely because the risks for the group would outweigh any potential rewards. Analysts say Hezbollah support for Hamas has been symbolic so farHezbollah has congratulated Hamas on Saturday’s massive attack. “There’s this possibility that if Israel gets stuck in Gaza … then, at that point, we could see Lebanese Hezbollah get tempted,” said Knights.

Persons: Nabih Berri . Berri, Berri, “, ”, don’t, Defense Lloyd Austin, Jake Sullivan, Joe Biden, Jonathan Conricus, Mike Knights, Norm Roule, Frank McKenzie, ” McKenzie, Hassan, Nasrallah, They’re, Roule, –, McKenzie, Israel, Gaza …, Knights, ‘ we’re, ’ Organizations: Washington CNN, CNN, US, Defense, White, Hamas, Israel Defense Forces, Washington Institute, CIA, Knights, ” Knights Locations: Israel, Lebanese, Nabih Berri ., France, Western, Gaza, Don’t, Lebanon, Iran

☆ Iran intelligence: Initial US intel suggests Tehran was surprised by the Hamas attack on Israel
▼ + stars: | 2023-10-11 | by ( Zachary Cohen Katie Bo Lillis Natasha Bertrand Jeremy Herb | Zachary Cohen | Katie Bo Lillis | ) edition.cnn.com time to read: +3 min

CNN —The United States has collected specific intelligence that suggests senior Iranian government officials were caught by surprise by Saturday’s bloody attack on Israel by Hamas, according to multiple sources familiar with the intelligence. The existence of the intelligence has cast doubt on the idea that Iran was directly involved in the planning, resourcing or approving of the operation, sources said. The sources stressed that the US intelligence community is not ready to reach a full conclusion about whether Tehran was directly involved in the run-up to the attack. They continue to look for evidence of Iranian involvement, which caught both Israel and the United States by surprise. “We’re looking to acquire further intelligence,” national security advisor Jake Sullivan told reporters at the White House on Tuesday.

Persons: Mike McCaul, “, Tehran doesn’t, Jake Sullivan, ” Organizations: CNN, Capitol, Foreign, Texas Republican, Hamas, White Locations: United States, Israel, Iran, Tehran, Texas, Gaza

Shawn Tsao, 34, co-founded food delivery app Caviar in 2012 with four of his college classmates and fraternity brothers from the University of California, Berkeley. Before Caviar, Tsao and his co-founders created on Munch On Me, a daily deals app for food. In the ensuing weeks, they decided to switch to an on-demand food delivery app — a novel concept at the time. In 2014, Jack Dorsey's payments company Square — now known as Block — acquired Caviar in an all-stock deal worth more than $100 million, according to Tsao. Five years later, rival food delivery company DoorDash purchased Caviar from Square in a deal worth $410 million.

Persons: Shawn Tsao, Munch, Jack, Tsao Organizations: University of California Locations: Berkeley

“We have no evidence or proof” that Iran was behind the attack, Maj. Nir Dinar, a spokesperson for the Israel Defense Forces, told Politico on Monday. More recently, Tehran has stepped up the training assistance it provides Hamas inside Iran, according to a former Western defense official. Hamas received Iranian weapons and military technology, and learned from the Iranians about planning operations. “Everything we have seen in the last four days, we can’t say it’s an Iranian plan or an Iranian effort,” Milshtein said. “It’s a Hamas plan that got Iranian help.”Searching for a motivationUS intelligence officials are also working to understand Hamas’ immediate motivation for launching the attack.

Persons: Jake Sullivan, “, ” Sullivan, Privately, Sullivan, ”, “ We’ve, we’ve, Biden, Tehran doesn’t, –, Ismail Haniyeh, Frank McKenzie, Mahmud Hams, Zohar Palti, Nir, it’s, Israel —, Norm Roule, ” Roule, Amir Cohen, Mike Knights, Michael Milshtein, “ They’ve, Milshtein, ” Milshtein, ’, “ It’s, McKenzie, ” McKenzie Organizations: Washington CNN, Hamas, Biden, White, CNN, intel, State Department, US Central Command, Getty, Israel’s Ministry of Defense, Israel Defense Forces, Israel, CIA, Reuters, Washington Institute, ” Knights, Department, Palestinian Affairs, Knights, Hezbollah, Palestinian Authority, Gaza Locations: Iran, Israel, Tehran, Gaza, Gaza City, AFP, Saudi, Saudi Arabia, Ashkelon, “, Yemen, Jihad, Lebanon

The Hamas terrorist attack on Israel is reprehensible. Israel is under heavy attack right now by Hamas and taking action to defend itself and its people. Israel has every right to defend itself.”Sen. Jon Tester, Montana Democrat“I strongly condemn the terrorist attacks launched by Hamas against our ally Israel. I will continue to closely monitor the situation.”Sen. Maggie Hassan, New Hampshire Democrat“Hamas’s terrorist attack on Israel is nothing short of horrifying. Israel has every right to defend itself from this unjust war.”Sen. Ron Wyden, Oregon Democrat“The terrorist attack on Israel is appalling.

Persons: Hakeem Jeffries, “, Steve Scalise, ” Kevin McCarthy, ” Chuck Schumer, –, Herzog –, ” Mitch McConnell, ” Tom Emmer, ” Katherine Clarke, ” Dick Durbin, ” John Thune, ” Sen, Debbie Stabenow, Michigan Democrat “, Israel, Amy Klobuchar, Mark Warner, Elizabeth Warren, Massachusetts Democrat “, Bernie Sanders, Cory Booker, Cory Booker , New Jersey Democrat “, Joe Manchin, West Virginia Democrat “, Tammy Baldwin, Wisconsin Democrat “, Gary Peters, Gary Peters , Michigan Democrat “, Catherine Cortez Masto, Brian Schatz, Hawaii Democrat “, Jeff Merkley, Oregon Democrat “, John Barrasso, Joni Ernst, Iowa Republican “, Sen, Shelley Moore Capito, West Virginia Republican “, Steve Daines, Montana Republican “, Mike Lee, Mike Crapo, Chuck Grassley, Tommy Tuberville, Katie Britt, Lisa Murkowski, Dan Sullivan, Kyrsten, Mark Kelly, John Boozman, Tom Cotton, Arkansas Republican “, Alex Padilla, Laphonza Butler, California Democrat “, today’s, Michael Bennet, Colorado Democrat “, John Hickenlooper, Richard Blumenthal, Connecticut Democrat “, Chris Murphy, Tom Carper, Delaware Democrat “, Chris Coons, Marco Rubio, Rick Scott, Jon Ossoff, Georgia Democrat “, Anat Sultan, Raphael Warnock, “ I’m, Mazie, Tammy Duckworth, Todd Young, Mike Braun, Jerry Moran, Kansas Republican “, Hamas’s, Roger Marshall, Netanyahu, Rand Paul, Kentucky Republican “, Bill Cassidy, John Kennedy, Susan Collins, Maine Republican “, Ben Cardin, Maryland Democrat “, Chris Van Hollen, Ed Markey, Tina Smith, Minnesota Democrat “, Roger Wicker ,, Roger Wicker , Mississippi Republican “, Cindy Hyde, Josh Hawley, Eric Schmitt, Jon Tester, Montana Democrat “, Deb Fischer, Nebraska Republican “, Pete Ricketts, Jacky Rosen, Nevada Democrat “, Jeanne Shaheen, Jeanne Shaheen , New Hampshire Democrat “, Maggie Hassan, Maggie Hassan , New Hampshire Democrat “, Bob Menendez, Bob Menendez , New Jersey Democrat “, Martin Heinrich, New Mexico Democrat “, Biden, Ben Ray Lujan, Kirsten Gillibrand, New York Democrat “ I'm, Thom Tillis, Ted Budd, North Carolina Republican “, John Hoeven, John Hoeven , North Dakota Republican “, Kevin Cramer, Sherrod Brown, Ohio Democrat “, J.D, ”, Vance, James Lankford, Markwayne Mullin, Israel –, Ron Wyden, Bob Casey, John Fetterman, craven, Jack Reed, Sheldon Whitehouse, Lindsey Graham, Tim Scott, South Carolina Republican “ I’m, Mike Rounds, South Dakota Republican “ Shocked, Marsha Blackburn, Marsha Blackburn , Tennessee Republican “ Israel, Bill Haggerty, Tennessee Republican “, John Cornyn, John Cornyn , Texas Republican “, Ted Cruz, Mitt, Vile, Peter Welch, Vermont Democrat “, Tim Kaine, Patty Murray, Washington Democrat “, Maria Cantwell, Ron Johnson, Wisconsin Republican “ Israel, Cynthia Lummis, Wyoming Republican “, Jim Jordan, Jared Moskowitz, Abigail Spanberger, Elissa Slotkin, Don Bacon, perpetrating, Cori Bush, Missouri Democrat “, Kevin Hern, Kevin Hern , Oklahoma Republican “, ” Rep, Ritchie Torres, Ritchie Torres , New York Democrat “, Michael McCaul, Michael McCaul , Texas Republican “ I, Ilhan Omar Organizations: Palestinian, Hamas, Biden, House, Michigan Democrat, Minnesota Democrat, Virginia Democrat “, Senate Intelligence, Massachusetts Democrat, Islamic, Cory Booker , New, Cory Booker , New Jersey Democrat, West Virginia Democrat, Wisconsin Democrat, Gary Peters , Michigan Democrat, Nevada Democrat, Hawaii Democrat, State, Oregon Democrat, John Barrasso , Wyoming Republican, Iowa Republican, West Virginia Republican, Montana Republican, Utah Republican, Idaho Republican, Alabama Republican, Alaska Republican, Alaska Republican “, Arizona Democrat, John Boozman , Arkansas Republican “, Jewish, Arkansas Republican, California Democrat, Colorado Democrat, Connecticut Democrat, Delaware Democrat, Israel, Florida Republican, Georgia Democrat, Hawaii Democrat “, Indiana Republican, Indiana Republican “, Kansas Republican, Kentucky Republican, Louisiana Republican, Maine Republican, Maryland Democrat, Roger Wicker , Mississippi Republican, Smith , Mississippi Republican, Josh Hawley , Missouri Republican, Missouri Republican, Montana Democrat, Nebraska Republican, Jeanne Shaheen , New, Jeanne Shaheen , New Hampshire Democrat, Maggie Hassan , New Hampshire Democrat, Bob Menendez , New, Bob Menendez , New Jersey Democrat, New Mexico Democrat, New, New York Democrat, United, North Carolina Republican, John Hoeven , North Dakota Republican, Kevin Cramer , North Dakota Republican “, Ohio Democrat, Vance , Ohio Republican, James Lankford , Oklahoma Republican, Oklahoma Republican, “ Hamas, Rhode, Lindsey Graham , South Carolina Republican, South Carolina Republican, South Dakota Republican, Marsha Blackburn , Tennessee Republican, Tennessee Republican, John Cornyn , Texas Republican, Ted Cruz , Texas Republican, Vermont Democrat, Washington Democrat, Wisconsin Republican, Wyoming Republican, ”, Ohio Republican “, Missouri Democrat, Kevin Hern , Oklahoma Republican, Ritchie Torres , New, Ritchie Torres , New York Democrat, Jewish State, Michael McCaul , Texas Republican Locations: Israel, United States, Tehran, The United States, Iran, Michigan, U.S, Minnesota, Massachusetts, Vermont, Cory Booker ,, Cory Booker , New Jersey, West Virginia, Wisconsin, Gary Peters , Michigan, Nevada, Hawaii, Oregon, John Barrasso , Wyoming, America, Iowa, West, Montana, Iranian, Utah, Idaho, Alabama, Alaska, Alaska Republican “ America, @Israel, Kyrsten Sinema, Arizona, John Boozman , Arkansas, Jewish State, Arkansas, Saudi Arabia, California, Gaza, Colorado, Connecticut, Delaware, Florida, Georgia, Mazie Hirono, Illinois, Kansas, Kentucky, Louisiana, Maine, Maryland, Palestine, Roger Wicker , Mississippi, Smith , Mississippi, Josh Hawley , Missouri, Missouri, Nebraska, Jeanne Shaheen ,, Jeanne Shaheen , New Hampshire, Maggie Hassan , New Hampshire, Bob Menendez ,, Bob Menendez , New Jersey, New Mexico, New York, North, John Hoeven , North, Kevin Cramer , North, Ohio, Vance , Ohio, James Lankford , Oklahoma, Oklahoma, Pennsylvania, Rhode Island, Lindsey Graham , South, South, States, Marsha Blackburn , Tennessee, Tennessee, John Cornyn , Texas, Ted Cruz , Texas, Mitt Romney, Virginia, “ Hamas, Washington, Wyoming, Ohio Republican “ America, Kevin Hern , Oklahoma, Ritchie Torres ,, Ritchie Torres , New York, Michael McCaul , Texas

However, there’s no denying Iran’s history of aiding Hamas, officials say. “They’ve provided support for years to Hamas and Hezbollah.”In the immediate aftermath of the attack, senior US officials have maintained that it was too early to determine whether Iran had any direct role in planning and supporting Hamas’ attack. One congressional source said that given the sophistication of the attack, Iran would have had a role, since Hamas does not have the ability to buy weapons at this scale. Publicly, administration officials have expressed similar regarding the understanding of Iran's role so far. "Iran has, unfortunately, always used and focused its funds on supporting terrorism, on supporting groups like Hamas.

Persons: Oded, “ They’ve, ”, “, Antony Blinken, we've, Blinken, haven't, Katie Bo Lillis, Natasha Bertrand, Evan Perez Organizations: CNN, Democratic, Publicly, Press Locations: Tel Aviv, Israel, Gaza, Iran

CNN —The Biden administration has yet to find a smoking gun linking Iran directly to planning and executing the attack on Israel this weekend, US officials told CNN on Sunday. However, there’s no denying Iran’s history of aiding Hamas, officials said. “Of course Iran is in the picture,” one US official told CNN. “They’ve provided support for years to Hamas and Hezbollah.”In the immediate aftermath of the attack, senior US officials maintained that it was too early to determine whether Iran had any direct role in planning and supporting Hamas’ attack. One congressional source said that given the sophistication of the attack, Iran would have had a role, since Hamas does not have the ability to buy weapons at this scale.

Persons: CNN —, Biden, “ They’ve, ”, “, State Anthony Blinken, we’ve, Blinken, haven’t Organizations: CNN, Democratic, “, State, Press Locations: Iran, Israel, “ State

The capability of Hamas to coordinate terrorist attacks on Israeli towns without detection has raised concerns about technological blind spots for US intelligence officials, a senior US intelligence official told CNN. But there was no tactical-level intelligence that alerted US officials that an attack of this size would happen on this day. US intelligence officials are focused on understanding the secure communications and training used for the attacks and whether that knowledge is being shared with other groups elsewhere. Speaking publicly Saturday, Israeli officials acknowledged they were caught by surprise at Saturday’s air assault. “I assume the intelligence question will be talked about down the road and we’ll learn what happened there,” he told CNN’s Wolf Blitzer.

Persons: weren’t, Richard Hecht, “, ”, CNN’s Wolf Blitzer, Michael Herzog, “ We’ll Organizations: CNN, American, Israeli Defense Forces, “, Homeland Security, FBI Locations: Israel, Gaza

☆ FTX co-founder Gary Wang agreed to cooperate in Sam Bankman-Fried case in his first meeting with prosecutors: 'I thought I was likely to be charged'
▼ + stars: | 2023-10-06 | by ( Katie Balevic | Jacob Shamsian | ) www.businessinsider.com time to read: +4 min

Gary Wang agreed to cooperate with prosecutors in his first meeting with them. "I thought I was likely to be charged and I wanted to get a shorter prison sentence," he testified Friday. AdvertisementAdvertisementOne of his co-conspirators, he said on the witness stand Friday, was his FTX co-founder Bankman-Fried. On Friday, Wang said he wanted to cooperate with prosecutors because he knew what he did at FTX was wrong. "Customers did not agree for us to use their funds," Wang said.

Persons: Gary Wang, Sam Bankman, —, Fried, Wang, FTX, Bankman, Chelsea Jia Feng, he'd Organizations: Service, MIT, Alameda Research, Prosecutors, US, FBI, Alameda Locations: Manhattan, Bankman, FTX, Alameda, Bahamas

☆ The same day SBF promised his hedge fund wasn't getting special treatment, FTX gave it an unlimited line of credit — which other customers didn't get
▼ + stars: | 2023-10-06 | by ( Katie Balevic | ) www.businessinsider.com time to read: +5 min

The same day, the FTX rolled out a feature allowing Alameda to get an unlimited line of credit. Those other accounts signed a line of credit agreement, but Alameda was never required to sign such an agreement, Wang testified. He increased Alameda's line of credit incrementally to a few million, a few hundred million, a billion, and eventually tens of billions. At some point in late 2019 or early 2020, Wang checked Alameda's balance and noticed it was negative. Even doing so, Wang said Alameda's balance was still negative, meaning the money was coming from FTX customers.

Persons: Sam Bankman, Fried, —, FTX, Gary Wang, SBF, Wang, Nishad Singh, Bankman, Caroline Ellison, Sam, FTX's, Adam Yedidia, Yedidia Organizations: Alameda Research, Service, Twitter, Alameda Locations: Alameda, FTX, Manhattan, Bankman, FTT

☆ Former FTX developer says he confronted an 'anxious' Sam Bankman-Fried on Bahamas paddleball court while trying to fix bug that led to $8 billion hole
▼ + stars: | 2023-10-05 | by ( Jacob Shamsian | Katie Balevic | ) www.businessinsider.com time to read: +8 min

"The numbers seemed large to me," Yedidia testified Thursday in a federal court in downtown Manhattan. In a hut between paddleball courts, Yedidia expressed his concern to Sam Bankman-Fried, the CEO of FTX, who also controlled Alameda Research. AdvertisementAdvertisementA Sam Bankman-Fried, founder and former CEO of crypto currency exchange FTX in a courtroom last year. AdvertisementAdvertisementFormer FTX developer Adam Yedidia leaves after testifying during the trial of former FTX CEO Sam Bankman-Fried at Manhattan Federal Court in New York City. In the Bahamas, top employees and their significant others in both companies shared a $35 million penthouse apartment that Alameda Research paid for.

Persons: Fried, Adam Yedidia, —, Yedidia, FTX, Sam Bankman, Yadidia, Bankman, Jane Rosenberg, Reuters Yedidia, Caroline Ellison, Michael M, Ellison, Gary Wang, Nishad Singh, Singh, Sam, Caroline, I'm Organizations: Alameda Research, Alameda, Service, MIT, rockstar, Reuters, Bankman, Manhattan Federal, FTX, United Arab Locations: Bahamas, Alameda, Manhattan, FTX, Alameda FTX, Bankman, New York City, Saudi Arabia, United Arab Emirates

Prosecutors in the criminal trial against Sam Bankman-Fried shared photos of a condo he once lived in. The condo includes a rooftop pool, a floor-to-ceiling view of the ocean, two spas, and at least six bathrooms. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementAdvertisementProsecutors pointed to Sam Bankman-Fried's lavish lifestyle during the criminal trial against the FTX cofounder, sharing photos of the penthouse condo in the Bahamas Sam Bankman-Fried once lived in, which they claim was worth about $35 million. Take a look inside the condo where Bankman-Fried and his coworkers spent much of their time.

Persons: Sam Bankman, Fried, —, Bahamas Sam Bankman, Lewis Kaplan Organizations: Service, Alameda Research Locations: Bahamas

☆ Sam Bankman-Fried isn't the only one on trial. The entire crypto industry is.
▼ + stars: | 2023-10-05 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +9 min

But first, we're looking at why FTX cofounder and ex-CEO Sam Bankman-Fried's criminal trial has implications that could upend the entire crypto industry. Bankman-Fried, the cofounder and ex-CEO of crypto exchange FTX, was deeply enmeshed in the crypto ecosystem. The proceedings will likely provide more fascinating details about the inner workings of FTX and the broader crypto industry, potentially airing out its dirty laundry and shortcomings. Chelsea Jia FengThe crypto industry, meanwhile, is ready to move on. Some in the crypto industry are embracing a more grown-up approach.

Persons: —, Sam Bankman, Donald Trump's, JANE ROSENBERG, Tom Brady, Kevin O'Leary, Michael Lewis, Katie Balevic, Jacob Shamsian, Grace Kay, Mark Cohen, Caroline Ellison, Chelsea Jia Feng, they'll, Spencer Platt, what's, Michael M, Arvind Krishna, Rahul Pandey's, Seth Wenig, AP Trump, scowled, Donald Trump, Tyler Le, Dianne Feinstein's, Kamala Harris, Sen, Chuck Schumer, Marc Anthony, Sofia Reyes, Pluma, Bad, Wells, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan, Annie Smith, Shona Ghosh, Jack Sommers, Spriha Srivastava Organizations: Service, Tech, Chelsea, Financial, Fidelity, PayPal, Visa, Getty, Treasury, Wall, Nvidia, IBM's, Meta, AP, IRS, trailblazing, Grupo Frontera, NBA, Dallas Mavericks, Minnesota Timberwolves, Etihad Arena, The Dallas Mavericks, Etihad, Corporation National Media Locations: crypto's, Plenty, trailblazing California, Abu Dhabi, New York City, San Diego, London, New York

☆ SBF's attorney tried to blame the FTX collapse on the turbulence of cryptocurrency in general
▼ + stars: | 2023-10-04 | by ( Lloyd Lee | Katie Balevic | ) www.businessinsider.com time to read: +4 min

Prosecutors now say that Sam Bankman-Fried committed fraud and conspiracy when he oversaw FTX. AdvertisementAdvertisementThe collapse of FTX in 2022 wasn't the result of fraud or a deliberate scheme to steal from customers; it was just the nature of a volatile cryptocurrency market, Sam Bankman-Fried's attorney argued on Wednesday. His attorney, Mark Cohen, argued during opening statements on Wednesday that Bankman-Fried never intended to defraud anyone or mislead customers to get them to invest in FTX. For the first time since 2021, the crypto market overall was worth less than $1 trillion by June 2022. That kind of turbulence is precisely what can overwhelm burgeoning companies like FTX, Cohen tried to argue.

Persons: Sam Bankman, Fried, SBF, —, Bankman, Mark Cohen, Cohen, Sam, FTX, Sheila Warren, Qiao Wang Organizations: Prosecutors, Service, Alameda Research, Crypto, Innovation, New York Times, Alliance Locations: FTX, Manhattan, Bahamas

☆ Sam Bankman-Fried's old penthouse roommate insisted on immunity before testifying because he feared he unwittingly facilitated a crime
▼ + stars: | 2023-10-04 | by ( Jacob Shamsian | Katie Balevic | ) www.businessinsider.com time to read: +5 min

Yedidia insisted on immunity to testify because he was worried he may have facilitated a crime. AdvertisementAdvertisementBefore Adam Yedidia could testify against Sam Bankman-Fried at the FTX cofounder's criminal trial, he needed reassurances. AdvertisementAdvertisementThis courtroom sketch shows Adam Yedidia, former FTX and Alameda Research employee and former friend of Sam Bankman-Fried, testifying, Wednesday, Oct. 4, 2023. In 2017, he worked at Alameda Research for two months as a trader before leaving to pursue a PhD. Yedidia said he lived in a $35 million penthouse apartment in the Bahamas, which he said Alameda Research purchased at Bankman-Fried's direction.

Persons: Sam Bankman, Adam Yedidia, Yedidia, —, Fried, Elizabeth Williams, Lewis Kaplan, who's, Caroline Ellison, Gary Wang, Prosecutors, Wang, Yedida Organizations: Service, Prosecutors, Alameda Research, AP, MIT Locations: Alameda, Manhattan, FTX, Bankman, Bahamas

Sam Bankman-Fried's lawyer tried to blame Caroline Ellison for FTX's collapse during opening statements. AdvertisementAdvertisementSam Bankman-Fried's defense attorney, Mark Cohen, took aim at the FTX cofounder's ex-girlfriend, Caroline Ellison, during his opening statements in the criminal trial over the collapse of FTX on Wednesday. Bankman-Fried is on trial in Manhattan federal court on charges that he defrauded FTX customers and investors out of billions of dollars. AdvertisementAdvertisementMeanwhile, prosecutor Thane Rehn told the jury that Bankman-Fried stole more than $10 billion from FTX customers, all while telling customers they could access their money at any time. "When customers put money in FTX, he stole it.

Persons: Sam Bankman, Caroline Ellison, —, Mark Cohen, Cohen, Fried, Ellison, Ellison didn't, What's, who'd, Thane Rehn, Rehn Organizations: Service, Alameda Research, New York Times, Reuters Locations: FTX, Alameda, Manhattan

It’s a case that highlights the vulnerability of prisoners who are dependent on authorities for medical care. Winborn's attorneys played a video showing his difficulties in adapting to life without hands, including feeding himself. “I don't sleep because every time I dream, I dream I have my hands, you know. Jail officials stated in their depositions that they couldn't remember what happened. "The County and MCIT are hopeful the resolution of this matter will help provide Mr. Winborn with the medical care and quality of life assistance he needs,” Hiveley said.

Persons: Terrance Dwayne Winborn, It’s, Winborn, Katie Bennett, Jason Hiveley, Scott County, Winborn’s, “, they're, ”, necrotizing fasciitis, ” Hiveley Organizations: Minnesota, Intergovernmental Trust Locations: MINNEAPOLIS, Minnesota, Scott County, Scott, Marshall, Minneapolis, Shakopee

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