Chain News by Thebittimes.Com

The third week of FTX founder Sam Bankman-Fried’s historic trial begins as a former FTX customer and former Chief Engineer Nishad Singh takes the stand.  Last week, Sam Bankman-Fried’s ex-girlfriend and former Alameda CEO, Caroline Ellison, testified to the prosecutor, revealing how Bankman-Fried allowed her to retain an unlimited line of credit from the exchange. Ellison also revealed that the FTX founder made several political donations in the U.S., bribed Chinese Officials and tried to attain investment from the Saudi Crown Prince.  As the case resumes today, here are the top highlights:  Testimony of Tareq Morad, customer of FTX Morad decided to trade on FTX after seeing Sam Bankman-Fried’s coverage on Forbes. He initially deposited $500,000 on the exchange and had between $250,000-$280,00 on the platform when it went bankrupt. His fund was not processed as FTX stopped all withdrawals.  You might also like: Bloomberg unveils Sam Bankman-Fried, FTX ...

According to a report by CoinDesk, FTX chief Sam Bankman-Fried‘s crypto empire might be built on shaky legs. Bankman-Fried’s empire is largely divided between his exchange, FTX, and trading firm, Alameda Research. CoinDesk has reviewed a private financial document on FTX’s sister company, Alameda Research. The study found that a majority of the assets held by Alameda are in the form of illiquid altcoins. According to the report, most of Alameda’s balance sheet is made up of the native token , FTT . The token entitles owners to a reduction in trading costs on the exchange&rsquo ;s market. Alameda’s assets amounted to $14.6 billion, of which $3.66 billion was made up of unlocked FTT . Moreover, $2.16 billion in FTT collateral is the third-largest entry on the assets side of the accounting ledger. Furthermore, other entries on the balance sheet include $3.37 billion worth of crypto. Large quantities of the native Solana blockchain cryptocurrency ar...