Key Testimonies Damning to Sam's Case

The first witness, Gary Wong, co-founder and CTO of XFTX, provided damning testimony that exposed the mechanics of implementing fraud within FTX. He revealed that Alameda's privileged relationship with FTX was built into the codebase as early as 2019. Caroline Ellison, CEO of Alameda Research at the time of its failure, testified about Sam's continued control over Alameda, even after stepping down as CEO. Her testimony also highlighted Sam's questionable behavior. Another significant witness, Zach Prince of BlockFi, testified that they believed Alameda Research was solvent based on the balance sheets they saw. BlockFi had loaned over a billion dollars to Alameda, which ultimately led to BlockFi's bankruptcy after the collapse of FTX.