Sam Bankman-Fried's lawyers appeared to struggle with cross-examining today's witnesses, two of whom were longtime friends.
As FTX's collapse began, Sam Bankman-Fried received a message from Adam Yedidia, one of the exchange's senior developers and his roommate at the time. "I love you Sam. I’m not going anywhere, don't worry," it read. Gary Wang, another longtime friend and the co-founder of both Alameda Research and FTX, was the last person other than Bankman-Fried himself to leave the $35 million Bahamian penthouse they shared with Yedidia and other senior FTX employees, according to reports.
Kaplan appeared to lose patience with the defense as the day progressed, taking issue with the repetitive nature of their questioning. "We have been up and down that mountain a couple of times," Kaplan remarked in response to one of the defense's questions. "This is needlessly repetitive, counsel," he replied to another. "That's the third time since lunch you've made that point," he told defense attorney Christian Everdell, mere minutes after lunch.
Following Yedidia’s testimony, Paradigm's Huang described the process by which the VC firm decided to invest a total of around $278 million into FTX over two rounds. Huang said that FTX's early rapid growth in market share excited him, but that he was concerned by FTX's lack of a formal governance structure or even a board of directors. Huang also recalled being told by Bankman-Fried that Alameda Research had no preferential treatment on the FTX exchange.
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