Witness Adam Yedidia answers questions during Sam Bankman-Fried fraud trial over the collapse of FTX, the bankrupt cryptocurrency exchange, at Federal Court in New York City, October 5, 2023, in this courtroom sketch.
Jane Rosenberg | Reuters
Two of Sam Bankman-Fried’s former friends from MIT, who also worked at crypto exchange FTX while livingwith the company’s founder in the Bahamas, took the stand in a Manhattan courtroom this week to testify against their former classmate, confidant, and boss — a man who allegedly ran a crypto empire that defrauded thousands of customers out of billions of dollars.
Gary Wang, the lesser-known co-founder of FTX, was asked by Assistant U.S. Attorney Nicolas Roos on Thursday, “Did you commit financial crimes while working at FTX?”
“Yes,” responded Wang. He said that his crimes, including wire and commodities fraud, were carried out with the help of Bankman-Fried, FTX ex-engineering head Nishad Singh and Caroline Ellison, who ran sister hedge fund Alameda Research and had been Bankman-Fried’s girlfriend.
“Mr. Wang, do you see any of the people you committed those crimes with in the courtroom today?” Roos continued.
Wang, dressed in an oversized and wrinkled suit with a red tie and glasses, awkwardly stood up and looked around the courtroom before responding, “Yes.”
“Who do you see?” asked Roos.
“Sam Bankman-Fried,” he said.
The trial, set to last six weeks, will resume on Tuesday with key testimony expected from Ellison, who is considered the prosecution’s star witness, having already pleaded guilty to multiple charges. Bankman-Fried faces seven federal charges, including wire fraud, securities fraud and money laundering, that could put him in prison for the rest of his life.
Thus far, Bankman-Fried, 31, has remained mostly quiet in court intently listening to witnesses and at times writing notes to his attorneys. But as Wang testified against him, Bankman-Fried looked visibility upset, shifting his gaze from his former friend to the ground, and at one point putting his head in his hands.
Sam Bankman-Fried listens as Assistant U.S. Attorney Nicolas Roos questions Gary Wang during Bankman-Fried’s fraud trial over the collapse of FTX, the bankrupt cryptocurrency exchange, at Federal Court in New York City, U.S., October 6, 2023, in this courtroom sketch.
Jane Rosenberg | Reuters
Wang, 30, was technology chief for FTX, which spiraled into bankruptcy in November. He spoke so fast that U.S. District Judge Lewis Kaplan and the prosecutor both stopped him at points to ask that he slow his pace.
Much of Wang’s testimony on Friday focused on the final days at FTX before the entire operation imploded, including reports in the media detailing Alameda’s business practices and its troubling ties to FTX.
Wang said that in response to the reporting an emergency meeting was called between Bankman-Fried, Wang and Singh, to discuss shutting down Alameda. He said they ultimately decided against such a move, because he and Bankman-Fried were aware that Alameda had no way to repay the roughly $14 billion hole in its books.
Prosecutors took the jury through a series of tweets, beginning on Nov. 7. Posts came from the company blaming bank hours for slow withdrawals, while Bankman-Fried tweeted from his personal account, assuring customers that all was fine.
“FTX was not fine and assets were not fine,” Wang testified.
On Nov. 12, after FTX declared bankruptcy, Bankman-Fried asked Wang to drive with him to the Bahamas Securities Commission for a meeting. On the drive, Bankman-Fried told Wang to transfer assets to Bahamian liquidators because he believed they would allow him to maintain control of the company. Wang said he wasn’t in the meeting with the securities authority, though Bankman-Fried’s dad was present.
Wang said he returned to the U.S. and met with prosecutors the next day. He faces up to 50 years in prison when he faces a judge for sentencing following this trial. He told jurors he signed a six-page cooperation agreement that requires him to meet with prosecutors, answer their questions truthfully and turn over evidence.
Sam Bankman-Fried, the founder of bankrupt cryptocurrency exchange FTX, is seen during a hearing as a U.S judge revoked his bail, at a courthouse in New York, U.S., August 11, 2023 in this courtroom sketch.
Jane Rosenberg | Reuters
$65 billion line of credit
For months, Bankman-Fried has known that Wang and Ellison, who were integral members of his personal and professional inner circles, had turned on him. Both pleaded guilty in December and have since been cooperating with the U.S. attorney’s office in Manhattan.
Wang’s testimony, which stretched into Friday, was given under a cooperation agreement with the government. Ellison is expected to take the stand under a similar arrangement.
U.S. District Judge Lewis Kaplan presides as Gary Wang testifies during the fraud trial of Sam Bankman-Fried over the collapse of FTX, the bankrupt cryptocurrency exchange, at Federal Court in New York City, U.S., October 6, 2023 in this courtroom sketch.
Jane Rosenberg | Reuters
Born in China, Wang moved to the U.S. at age 7, and grew up in Minnesota before going to the Massachusetts Institute of Technology to study math and computer science. He worked at Google after college.
Wang, who first met Bankman-Fried during high school at a summer camp, owned 10% of Alameda, while his boss owned the other 90%. Wang told the court about the advantages that Alameda received by having code baked into FTX’s software that allowed special access to the crypto exchange. Those privileges ultimately resulted in Alameda owing FTX$8 billion worth of customer deposits.
“We gave special privileges on FTX that gave unlimited withdrawals on the platform to Alameda,” Wang said. Alameda was allowed to withdraw and transfer those funds and had a $65 billion line of credit.
“When customers deposited USD, it went to Alameda,” he said. “It existed in the computer code. Alameda could have negative balances and unlimited withdrawals.”
That “bug” in the code was written by Nishad Singh, who was FTX’s director of engineering, and reviewed by Wang. Bankman-Fried was calling the shots, Wang said.
Wang also told the court about a $1 million personal loan he received and a $200 million to $300 million loan in his name from Alameda that was never deposited into his account, but rather was used to make investments into other companies on behalf of FTX. That was all done by Bankman-Fried, he testified.
In early 2020, Wang said he discovered for the first time Alameda’s negative balance exceeded FTX’s revenue, an indication that Alameda was taking customer funds. Wang said he brought this to Bankman-Fried’s attention several times.
In late 2021, Wang discovered Alameda had withdrawn $3 billion from its $65 billion line of credit.
Wang’s compensation was a base salary of $200,000 per year plus stock. He owned roughly 17% of FTX.
Even though they were co-founders, “ultimately it was Sam’s decision to make” when there were disagreements, he said.
Assistant United States Attorney Nicolas Roos questions Gary Wang during Sam Bankman-Fried’s fraud trial over the collapse of FTX, the bankrupt cryptocurrency exchange, at Federal Court in New York City, U.S., October 6, 2023, in this courtroom sketch.
Jane Rosenberg | Reuters
An $8 billion bug
Adam Yedidia, who was the prosecution’s second witness on Wednesday, continued his testimony on Thursday. Yedidia met Bankman-Fried in college at MIT, and the pair remained close friends.
Yedidia, assuming a robotic posture on the stand, worked out of FTX’s Hong Kong office from January to October of 2021 and then in the Bahamas until last year’s collapse. In his testimony, he referred to a group Signal thread called “People of the House,” referring to Bankman-Fried’s $35 million penthouse, where many employees lived.
Exhibit from the prosecution shows Signal thread called “People of the House,” referring to Bankman-Fried’s $35 million penthouse, where many employees lived.
Source: SDNY
In terms of who was paying the rent, Yedidia recalled Bankman-Fried saying he “assumed it’s just Alameda paying for it in the end.”
Yedidia said Bankman-Fried had told him, before he began working in the Bahamas in 2019, that he and Ellison had sex. Bankman-Fried asked Yedidia if it was a good idea for them to date, to which Yedidia said no. Bankman-Fried responded by saying he was expecting that answer.
One of Yedidia’s responsibilities was fixing the bug in the code that gave Alameda preferential treatment. In June 2022, he submitted a report to Bankman-Fried on Signal that showed $8 billion in customer money held in an internal database tracking the cash wired to an Alameda account called “fiat at ftx.com” was missing.
Yedidia said he and Bankman-Fried spoke about it at the pickleball court at the resort in Nassau, Bahamas. He asked his boss if things were OK. He was concerned because it “seemed like a lot of money” from FTX customers was at risk.
“Sam said, we were bulletproof last year. We aren’t bulletproof this year,” Yedidia testified.
Yedidia said he asked when they would be bulletproof again.
Bankman-Fried said he wasn’t sure, but it may be six months to three years. Yedidia said Bankman-Fried appeared “worried or nervous,” which he said was atypical. Still, Yedidia said he trusted Bankman-Fried and Ellison to “handle the situation.”
On cross-examination, Christian Everdell, Bankman-Fried’s attorney, focused on how Yedidia was the one responsible for developing and reviewing the code.
He asked about the long hours employees worked and Yedidia’s concern for Wang being near burnout. That resulted in Yedidia instituting a rule to not wake Wang at night for bug fixes because he needed sleep.
Everdell also drilled Yedidia on his high level of compensation in his less than two years at FTX. His base salary was between $175,000 and $200,000, but he received multiple bonuses of more than $12 million in cash and company equity.
Yedidia said he’s now teaching math — geometry and algebra — at a high school. He invested most of the millions he earned as bonuses back into FTX, and his equity stake is now worthless.
As FTX was failing, Yedidia said he was by Bankman-Fried’s side. He highlighted a Signal exchange in November 2022, during which he wrote, “I love you Sam. I’m not going anywhere.” He said he wrote the message because so many people had left.
When asked what changed, Yedidia said he learned that FTX customer deposits had been used to pay loans to creditors. He said Alameda’s actions seemed “flagrantly wrong.”
Yedidia’s testimony ended on a fiery note, which was later struck from the record. He was asked why he had lost faith in FTX and resigned.
“FTX defrauded all its customers,” he said.
Matt Huang, co-founder of Paradigm Operations LP, right, arrives at court in New York, US, on Thursday, Oct. 5, 2023. Former FTX Co-Founder Sam Bankman-Fried is charged with seven counts of fraud and money laundering following the collapse of his cryptocurrency empire last year. Photographer: Yuki Iwamura/Bloomberg via Getty Images
Yuki Iwamura | Bloomberg | Getty Images
Investment to zero
The third witness to take the stand was Matt Huang, co-founder and managing partner of Paradigm, a crypto venture capital firm that invested over $275 million in FTX. That stake was wiped out.
Huang testified about his firm’s due diligence on FTX, and he told the court that Bankman-Fried assured him that funds would be used for FTX and not Alameda. Additionally, he was promised that Alameda had no preferential treatment on the FTX platform, even though the hedge fund was one of its top traders.
Huang said he was concerned about FTX’s lack of a board of directors, but he eventually invested anyway. During cross-examination, Huang said Paradigm pressed Bankman-Fried on the board issue and was told he didn’t want investors as directors but he did plan on having a board with experts.
In a bid to get it above the $1.00/share NASDAQ-required minimum, fledgling EV brand Polestar ($PSNY) is rumored to be considering a 1:30 reverse stock split that could see the per-share price rocket up to nearly $16.
Geely-owned Volvo spinoff Polestar is working as hard as Tesla to prove that stock prices have little or nothing to do with traditional business fundamentals in 2025.
That’s because Polestar posted a 36.5% increase in retail sales and a heady 48.8% increase in revenue (to $2.17 billion) over the year before, Polestar’s share price has plummeted more than 35% in a matter of a few weeks – culminating in an unwelcome nastygram from NASDAQ threatening to delist the company’s shares from the NASDAQ if they didn’t climb back up above $1.
In a reverse stock split, each share of the company is converted into a fraction of a share – so, if a company announces a one for ten reverse stock split (1:10), every ten shares that you own will be converted into a single share. In a 1:30 reverse split like the one rumored here, every thirty shares in Polestar would become a single share.
The reverse split increases share price, but it’s not without risk:
A company may declare a reverse stock split in an effort to increase the trading price of its shares – for example, when it believes the trading price is too low to attract investors to purchase shares, or in an attempt to regain compliance with minimum bid price requirements of an exchange on which its shares trade … investors may lose money as a result of fluctuations in trading prices following reverse stock splits.
That’s especially relevant because, despite the increased sales and revenue, the company is also posting increased losses. Through September, the brand posted a $1.56 billion net loss compared to an $867 million loss in the first nine months of 2024. The company is also getting hit hard by Trump-imposed tariffs in the US and increased downward pressure on pricing coming from aggressive post-tax credit discounts from rival brands like BMW and Kia.
If the split does happen, here’s hoping Polestar can make the most of their borrowed time and they don’t end up like Lordstown Motors or Faraday Future – two brands that have pulled similar reverse stock splits with dubious results.
You can find out more about Polestar’s killer EV deals on the full range of Polestar models, from the 2 to the 4, below, then let us know what you think of the three-pointed star’s latest discount dash in the comments section at the bottom of the page.
SOURCE: CarScoops; images via Polestar.
If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
FTC: We use income earning auto affiliate links.More.
With its sleek, uncluttered styling and more than 100 miles of battery-electric range before the extended range electric sedan’s gas engine kicks on, maybe the new Nissan N6 really should have been the next Maxima!
Struggling Japanese carmaker Nissan is dealing with an aging lineup and a brand identity driven more by subprime financing than any suggestion of reliability or sportiness here in the US – but overseas? The brand is rolling out hit after hit, and the latest Nissan N6 plug-in sedan promises exactly the sort of entry-level panache that could change its American fortunes.
“Under our Re:Nissan plan, we are redefining what Nissan delivers today and beyond,” explains Nissan President and CEO Ivan Espinosa. “It’s about strengthening our core, reigniting Nissan’s heartbeat, and creating products that inspire excitement and trust. It is about a sharper, more focused product strategy, a stronger brand, and a renewed commitment to our customers. Integral to this transformation is China — an essential market whose speed, technological leadership, and customer insights are setting the pace for the global auto industry.”
Developed by the Nissan Dongfeng JV in China, the new N6 is more compact that the well-received N7 BEV. In fact, the new Nissan N6, at 190.1″ long, compares nicely to the 192.8″ length of the most recent (and largest-ever) US Maxima, discontinued in 2023. Like the Maxima, the top-shelf version features modern, near-luxe features like soft, leather-like surfaces, LED mood lighting, multi-way adjustable seats, and mimosas or something.
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Mimosas or something
Mimosas; via Nissan.
The four or five passengers inside the N6 are propelled down the road exclusively by the car’s 208 hp electric motor, which is efficient enough to take you 112 miles on a full charge of its 21.1 kWh LFP battery. Once that charge is depleted, a 1.5L gas engine kicks on as a high-efficiency generator to keep the good times rolling.
Nissan says the N6′ exterior design, “features a V-Motion signature grille and expressive LED lighting at the front and rear.” And says that the car’s crisp lines give it, “a confident, dynamic presence.”
All of which sounds good on its own, but sounds absolutely miraculous when you consider the car’s Chinese price: ¥106,900 – or about $15,000 US for the base Nissan N6 180 Pro, as I type this.
Even with a nearly 100% markup to give it a $29,990 price tag in the US, I think the N6 would be a huge hit in the North American market. And – good news! – thanks to Canada’s apparent willingness to give Chinese carmakers a shot, we might find out if I’m right somewhat sooner than later.
Check out the Nissan N6 image gallery, below, then let us know what you think of the car’s US and Canadian appeal in the comments.
If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
FTC: We use income earning auto affiliate links.More.
Whether you’re prepping for winter power outages, loading up the RV for a long-haul trip, or want clean, reliable power anywhere you go, BLUETTI has a portable power option for every need. And right now, the clean energy experts are offering up to 65% off their most popular products for Black Friday – plus they’ve just dropped two major new releases: the Elite 400 and B500K expansion battery.
Here’s a complete guide to what’s new, what’s on sale, and how to pick the model that fits your lifestyle best. There are also some special deals just for Electrek readers, so don’t miss out!
For home backup + outdoor adventures: Elite 200 V2 and all-new Elite 400
Elite 200 V2 – Best value for backup, camping, and van life
BLUETTI’s Elite 200 V2 is designed for power users who need versatility. It’s nicknamed the “Swiss Army Knife” of portable power stations because it powers everything from your fridge to your laptop — whether you’re off the grid or just want to keep the lights on during a storm.
Key specs:
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Battery capacity: 2,073.6Wh
Continuous power output: 2,600W (3,900W surge)
9 output ports: AC, DC, USB-C, and more
Recharges to 80% in just over one hour
Ultra-quiet 16 dB operation
LiFePO₄ battery with a 17-year lifespan (3,500+ cycles)
Who it’s for:
RVers, weekend campers, off-grid explorers, small cabin owners
Homeowners looking for dependable backup power
Commonly powered devices: Mini-fridges, coffee makers, power tools, microwaves, kettles, electric blankets, laptops, LED lights, wifi routers
Its compact profile makes it easy to tuck away in an RV cabinet, trunk, or apartment closet.
Elite 200 V2 Portable Power Station is regularly priced at $1,699, and it’s on sale for the record-low price of $699 – that’s a 59% discount for Black Friday and Cyber Monday.
Elite 400 Rolling Power Station — New and optimized for home
Launching November 15, the Elite 400 is a powerful 3.8kWh portable station designed with mobility and backup readiness in mind. With built-in wheels, a telescoping handle, and side grips, you can roll it anywhere – even if you’re flying solo.
Key specs:
Battery capacity: 3,840Wh
Continuous power output: 2,600W (3,900W lifting power)
9 output ports for simultaneous device charging
15ms UPS switchover during power outages
Recharges to 80% in 70 minutes using AC + solar
Low standby energy use (3W) with app-control wakeup and timers
Commonly powered devices: Full-size refrigerators, sump pumps, CPAP machines, space heaters, power tools, projectors, outdoor cooking appliances, large TVs
Whether you’re powering your home in a blackout or running a campsite movie night, the Elite 400 delivers enough capacity to handle just about anything.
The new Elite 400 Portable Power Station is regularly priced at $2,999, and it’s making its debut on November 15 for $1,499 – that’s a 50% discount for Black Friday and Cyber Monday.
For whole-home power and off-grid living: Meet the new B500K expansion battery
If you’re looking for a system that grows with your energy needs, the B500K expansion battery delivers massive storage potential at a competitive cost of around $0.33/Wh – making it an excellent choice for users seeking higher capacity than the well-acclaimed B300K. Paired with the Apex 300, it also qualifies for the soon-to-end 30% Federal Tax Credit. Designed to integrate seamlessly into BLUETTI’s modular ecosystem, it’s ideal for home battery backup or off-grid setups.
Key specs:
Supports up to 100 kWh storage (paired with Apex 300 system)
Compatible with BLUETTI’s SolarX 4K, B300K, Hub D1, and more
Acts as both standalone power or an expansion battery
Future-proof with long-term ecosystem integration
The new B500K expansion battery is regularly priced at $2,999, and it’s making its debut on November 15 for $1,699 – that’s a 43% discount for Black Friday and Cyber Monday.
Ideal bundles:
Apex 300 + B500K: Best for large homes, off-grid living, and whole-home backup. With a larger individual capacity, the B500K enables a plug-and-play power system that can be expanded to a massive 100 kWh with the Apex 300. It provides 3.8 kW of power output and 7,884.8 Wh of capacity in total. The Apex 300 + B500K Home Battery Backup is priced at $4,998, and it’s on sale for Black Friday for $3,098 – that’s a 38% discount.
Apex 300 + B300K: The Apex 300, paired with the B300K, provides 5.5 kWh of capacity and up to 3.8kW of power output, offering smaller households or remote cabins reliable off-grid energy with room to scale. It’s an ideal way to support essential loads, such as refrigerators, lights, fans, and wifi routers, without the need to invest in a larger setup. The Apex 300 + B300K is normally priced at $4,098, and it’s on sale for Black Friday for $2,299 –that’s a 44% discount.
Plus! Both bundles are fully eligible for the 30% federal Residential Clean Energy Credit through December 2025.
For everyday portability: Elite 30 V2 and the new Elite 10
Elite 30 V2 – now in EcoTide colors
If you need lightweight, flexible power for camping, car trips, desk-side charging, or college dorm use, the Elite 30 V2 is the sweet spot. Weighing just 4.3 kg, it’s a portable backup that fits in your backpack or on a small shelf. Plus, it comes in six fun colors.
Key specs:
Battery capacity: 288Wh
Continuous power output: 600W (1,500W surge)
9 output ports including 140W USB-C PD
Charges to 80% in 45 minutes
Quiet operation under 30 dB
10-year LiFePO₄ battery lifespan, with a 5-year warranty
Ideal for powering: Laptops, DSLR cameras, portable fans, smartphones, drones, modems, LED lighting, external hard drives
It’s perfect for digital nomads, travelers, or anyone who needs reliable backup power without adding bulk.
Elite 30 V2 Portable Power Station is regularly priced at $304, and it’s on sale for $199 – that’s a 35% discount for Black Friday and Cyber Monday. You can buy it on BLUETTI’s website here and on Amazon here.
Sneak preview: The new Elite 10 – pocket-sized power
Launching on November 20, the palm-sized Elite 10 is BLUETTI’s most compact power station yet. It’s the perfect in-between if a power bank won’t cut it, but you don’t want a full-sized power station.
Key specs:
Battery capacity: 128Wh
Power output: 200W AC (300W peak, 400W surge)
5 DC outlets + 200W AC outlet
Fully recharges in 70 minutes
LED light modes: reading, warm, SOS
Perfect for powering: Bluetooth speakers, portable fans, DSLR cameras, tablets, Chromebooks, routers, handheld consoles, mini-fridges
Small enough to slip into a tote, train bag, or glovebox, the Elite 10 is built for everyday carry and quick power access.
The Elite 10 launches next week and is said to be the best budget-friendly option yet – available for under $150, and rumored to go even lower. You’ll be able to grab it on BLUETTI’s website and on Amazon here starting November 20.
Electrek exclusive discounts
In addition to the fantastic Black Friday Cyber Monday sale prices, up to 65% off, BLUETTI is offering a special discount code just for Electrek readers!
95% of BLUETTI products qualify for an extra 5% off with code: ELECTREK5OFF
The new Elite 400 and all Apex 300 series products qualify for 6% off with code: ELECTREK6OFF
Now is the best time to invest in a power system that’s quiet, clean, and ready whenever you need it – at home or beyond the grid.
The trusted name offers a full lineup of portable power stations to keep you charged – whether a winter storm hits or you’re enjoying outdoor adventures – and stay charged, no matter where life takes you.