ALAMEDA HAD A $65B LINE OF CREDIT AND ‘UNLIMITED WITHDRAWALS’

Summary from the TLDR newsletter

FTX co-founder and CTO Gary Wang took the stand recently, admitting to wire fraud, securities fraud, and commodities fraud and naming Sam Bankman-Fried, Nishad Singh, and Caroline Ellison as the individuals he committed the crimes with. Wang had pleaded guilty in December 2022 as part of a cooperation deal. This article provides a detailed look at Wang's testimony. It covers Alameda's $65 billion line of credit, how Bankman-Fried controlled the coding process, Alameda's naming process, and more.