"FTX Co-founder and Sam Bankman-Fried Face Fraud Trial as AVAX Climbs"

Gary Wang, co-founder of FTX, testified in court that he and Sam Bankman-Fried committed wire fraud, securities fraud, and commodities fraud related to their oversight of the now-bankrupt crypto exchange. Wang's testimony supports the government's case against Bankman-Fried, who is accused of orchestrating a scheme to steal from customers and defraud investors. The trial focuses on FTX's close financial ties to sister company Alameda Research, with prosecutors alleging that FTX deceived customers about the use of their funds. Defense attorneys have yet to cross-examine Wang. Another former FTX employee also testified about a concerning $8 billion liability hanging over Alameda's balance sheet.