Sam Bankman-Fried's Trial Unveils Demands, Defense, and Climbing AVAX

Gary Wang, a former colleague and roommate of Sam Bankman-Fried, testified at Bankman-Fried's fraud trial that Bankman-Fried instructed him to give their co-owned hedge fund, Alameda Research, special trading privileges on the FTX cryptocurrency exchange. These privileges included a $65 billion line of credit, significantly larger than what other users could borrow. Alameda had withdrawn $8 billion from FTX, leading to the exchange's bankruptcy. Wang, the former CTO of FTX, stated that Bankman-Fried directed him to implement these changes. Bankman-Fried is facing charges of stealing billions of dollars in FTX customer deposits to cover losses at Alameda, buy real estate, and donate to political candidates.