Former FTX Developer Testifies About Life at Collapsed Crypto Exchange
During the third day of Sam Bankman-Fried’s criminal trial in New York, former FTX developer Adam Yedidia provided fresh testimony about his time at the collapsed crypto exchange. Yedidia discussed an automated system he set up called “[email protected]” that tracked customer deposits into FTX, which were actually being held by Alameda Research in a bank account. He mentioned finding an error in the code and notifying Bankman-Fried about it. Yedidia also recounted a conversation with Bankman-Fried where the former CEO expressed concerns about the company’s current state and mentioned plans to raise more cash from Saudi Arabia or the United Arab Emirates.
Living Arrangements and Compensation
Yedidia revealed that he lived with Bankman-Fried and fellow executive Gary Wang while studying at MIT. Later, they all shared a penthouse apartment at The Albany resort in the Bahamas. Yedidia confirmed that he was well-paid, earning a base salary of nearly $200,000 per year along with substantial bonuses. He also mentioned that Bankman-Fried occasionally slept on a beanbag in Hong Kong but rarely did so in the Bahamas.
Defense Arguments
The defense attempted to show that Bankman-Fried did not spend extravagantly on himself, pointing out that he did not buy expensive watches, a yacht, or a sports car, instead opting for a Toyota Corolla. They also argued that FTX had sufficient measures in place to prevent U.S. users and businesses from using the international exchange.
Hot Take: Former FTX Developer Reveals Insights into Company Operations
Adam Yedidia’s testimony during Sam Bankman-Fried’s trial shed light on the inner workings of the collapsed crypto exchange, FTX. Yedidia discussed an automated tracking system and shared details about his interactions with Bankman-Fried. The revelations provide a deeper understanding of the company’s operations and shed light on Bankman-Fried’s concerns about its financial situation. Additionally, Yedidia’s testimony highlighted the luxurious living arrangements and generous compensation at FTX. As the trial continues, these insights may play a crucial role in determining Bankman-Fried’s legal fate.
By
By
By
By
By
By