The Mystery of Sam Bankman-Fried's Billions
Sam Bankman-Fried, the owner of hedge fund Alameda, testified in court about the software bug that overestimated the amount Alameda owed to FTX by about $8 billion. Despite the significant amount of missing funds, Bankman-Fried claimed he was unaware of the issue until October and that his employees told him to stop asking questions about it. He also admitted to not implementing any policies or measures to protect FTX customer money. Bankman-Fried's testimony was heavily scrutinized, and the trial will now move to closing arguments.