According to Spot On Chain monitoring,  FTX and Alameda Research deposited 8 tokens worth $14.4 million into the exchange 2 hours ago. The top three tokens include: 8.15 million MATIC ($4.96 million); 2.03 million BAND ($3.15 million); and 3.76 million PERP ($2.28 million). Overall, FTX and Alameda have deposited 20 EVM tokens worth $47.3 million into the exchange. They currently hold various EVM assets worth approximately $736 million.

FTX founder Sam Bankman-Fried testified today that his biggest mistake at FTX was not establishing a dedicated risk management team and chief risk officer. As a result, there was no regulation of bankrupt cryptocurrency exchanges. When his lawyer Mark Cohen asked if FTX had a risk management team during rapid growth, Bankman-Fried said, "Of course we should have, but we didn't."

Sam Bankman-Fried stated in court that he had a conversation with FTX's former CTO Gary Wang and Engineering Director Nishad Singh about how to prevent Alameda Research's account on the exchange from being incorrectly liquidated after some issues arose with FTX's risk management feature. He said that Gary Wang and Nishad Singh later told him that a fix had been implemented, but he did not know the specifics and stated, "I wasn't aware of the details at the time". SBF told the jury that he later learned that this meant Alameda's balance could potentially become negative.

During the criminal trial of Sam "SBF" Bankman-Fried, the jury heard his testimony for the first time, in which he denied knowledge of fraudulent activities at the crypto exchange. Bankman-Fried suggested that the former chief technology officer at FTX, Wang, was partly responsible for creating the "allow negative" button for Alameda Research, which gave the crypto hedge fund the ability to trade more funds than it had available. Bankman-Fried stated that he was not entirely sure what was happening with Alameda's line of credit at the time and believed the funds were being held in a bank account or sent to FTX in stablecoins. <br>

Former FTX CEO Sam "SBF" Bankman-Fried denied knowledge of why user funds were moved from a bank account with Alameda Research to a firm called North Dimension, which is allegedly used for money laundering. Bankman-Fried suggested that banks may have been more comfortable with North Dimension, avoiding well-known hedge funds connected to crypto like Alameda. He also testified to believing that taking FTX deposits through Alameda Research was legal, but did not recall discussions with auditors about FTX user funds going to the entity as well as Alameda. The criminal trial, which started on Oct. 3, will likely end within the next seven days following Bankman-Fried's testimony and closing arguments from both sides.

FTX holds approximately $417 million in Grayscale Bitcoin Trust Fund (GBTC). Scott Jonhsson, the general partner of Van Buren Capital, stated that FTX's bankruptcy restructuring plan is unlikely to be approved before the second quarter of 2024. It is expected that the SEC will make a decision on spot Bitcoin ETF before then. If GBTC has been converted to an ETF by then, FTX's sale will not exacerbate GBTC's negative premium, as the creation and redemption process of ETFs should only track the underlying BTC price. Sean Farrell, the head of cryptocurrency strategy at Fundstrat, said that the SEC's approval of spot ETFs will help ensure that creditors are compensated and that the discount of GBTC relative to its net asset value will narrow further. Given positive catalysts, cryptocurrency prices are likely to soar overall.

FTX founder Sam Bankman-Fried testified that FTX's legal department drafted futures contracts for loans from Alameda Research to him and other former executives of the exchange. He said that most of the loans were used for investment purposes. SBF's lawyer Mark Cohen asked, "Are you comfortable with the arrangement of these loans by the lawyers?" SBF responded, "Of course."

FTX founder Sam Bankman-Fried stated in court that FTX customer assets are stored together in so-called "omnibus wallets", rather than in separate cryptocurrency wallets. He also mentioned that storing customer assets in omnibus accounts is an industry practice. He recounted an example of sending funds to his wallet on the cryptocurrency exchange Huobi and seeing the funds immediately transferred to the omnibus wallet.

According to data released by Lookonchain, on Friday morning Beijing time, a wallet labeled FTX/Alameda deposited 253,862 LINK tokens (worth $2.67 million) and 1.59 million AGLD tokens (worth $1.34 million) into Coinbase, totaling approximately $4.01 million. In addition, data from blockchain analysis platform Arkham Intelligence shows that an FTX wallet transferred $4.8 million worth of MATIC tokens to an intermediate address, which then transferred $1.8 million worth of tokens to Coinbase. <br>

Scopescan monitoring shows that after FTX and Alameda Research started transferring funds to Binance yesterday, FTX white hat hackers extracted 14.4 million TRX (1.35 million US dollars) from multiple FTX-owned addresses.