In the crypto realm, FTX founder Sam Bankman-Fried’s trial was the center of attention this week. Friday marks the fourth day of the trial, which is expected to last at least six weeks.

Crypto community members, especially FTX customers, are glued to the ongoing high-profile trial of Bankman-Fried. Meanwhile, the US added more than a quarter of total crypto market capitalization to its debt in a single day.

Throughout the week, there was also controversy about the return of Satoshi Nakamoto, the creator of Bitcoin. 

Sam Bankman-Fried’s Friends Testify Against Him

On Thursday, Gary Wang testified in Bankman-Fried’s trial. He co-founded the FTX exchange and used to be the roommate of Sam Bankman-Fried at the Massachusetts Institute of Technology.

According to The Guardian, Wang admitted to committing financial crimes and fraud at FTX. He also mentioned that Bankman-Fried, his ex-girlfriend Caroline Ellison, and FTX’s former co-lead engineer Nishad Singh were involved in the crimes.

Singh and Ellison are expected to testify next week. Bankman-Fried’s inner circle members have already pleaded guilty to various charges.

Another of Bankman-Fried’s college roommates, Adam Yedidia, testified on the second day of the trial. Yedidia admitted that he was involved in writing the code that allowed Bankman-Fried’s hedge fund, Alameda Research, the ability to withdraw FTX’s funds.

Read more: Crypto Hedge Funds: What Are They and How Do They Work?

Also, on the second day, 12 jurors were selected who would decide the fate of Bankman-Fried. The jury includes nine women and three men. The

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Author: Harsh Notariya

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