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Welcome to the SBF trial, a CoinDesk Podcast Network newsletter bringing you daily insights from inside the courtroom where Sam Bankman-Fried will try to stay out of prison.

Follow the CoinDesk podcast network to get the audio each morning with content from the Coin Desk Regulation

Team and voiced by Wondercraft AI. FTX co-founder and former chief technology officer Gary Wang

began testifying in earnest last Friday in Sam Bankman-Freed's trial. He revealed, FtX's

insurance fund was calculated by taking the total volume of

trades over the past 24 hours, multiplying that by a random number that's around 7,500, and dividing

that figure by $1 billion. The prosecutor asked if the number had anything to do with the actual

number in the insurance fund, to which the answer obviously was

no. FTX customer balances were approximately equal to what was in the company's hot wallets,

except there was an Alameda sub-account with a balance around minus $8 billion that was excluded

from the list of customer balances. In hindsight, we knew this, but FTX and

Bankman Freed were tweeting that FTX was fully liquid and funded after CoinDesk reported on the balance

...