Sam Bankman-Fried approved the unlawful use of FTX prospects’ funds and property to plug monetary gaps at an affiliated hedge fund from the change’s earliest days, FTX’s co-founder Gary Wang instructed a New York jury on Friday, as prosecutors pressed their case that Bankman-Fried was the mastermind behind one of many largest frauds in U.S. historical past.
Eventually, the losses on the hedge fund, Alameda Research, grew to become so massive that there was no approach to cover them any longer, Wang stated in his second day of testimony.
“FTX was not fine,” Wang stated, referring to the now-infamous tweet that Bankman-Fried wrote only some days earlier than the change filed for chapter in November 2022.
Prosecutors allege that Bankman-Fried, 31, stole billions of {dollars} from traders and prospects with a view to fund a lavish life-style in The Bahamas and purchase the affect of politicians, celebrities and the general public.
Data breach at MGM Resorts anticipated to price on line casino large $100M
The knowledge breach final month that MGM Resorts is asking a cyberattack is anticipated to price the on line casino large greater than $100 million, the Las Vegas-based firm stated.
The incident, which was detected on Sept. 10, led to MGM shutting down some on line casino and resort laptop techniques at properties throughout the U.S. in efforts to guard knowledge.
MGM stated that reservations and on line casino flooring in Las Vegas and different states had been affected — as prospects shared tales on social media about not with the ability to make bank card transactions, acquire cash from money machines or enter resort rooms. The firm introduced the finish its 10-day laptop shutdown on Sept. 20.
Source: www.bostonherald.com”