FTX co-founder says Sam Bankman-Fried firm was ‘taking customers’ money’ for years

News Snapshot:

Sam Bankman-Fried’s trading firm Alameda Research secretly dipped into FTX customer funds just months after the crypto exchange – which collapsed with an $8 billion (€7.56 billion) hole in its balance sheet in November – was founded, the company’s co-founder testified. Gary Wang, a former college roommate of Mr Bankman-Fried’s who became one of his closest friends and colleagues, told the jury in Manhattan federal court on Friday that he had been instructed in 2019 to let Alameda have a negative balance on FTX, which got its start earlier that year. Along with a “large line of credit” from the...