When the prosecution in Sam Bankman-Fried's criminal trial asked its accounting expert witness whether his analysis of Alameda Research and FTX's books showed the use of customer funds, he gave a simple answer: "Oh yes." Why it matters: Shortly after the FTX bankruptcy, founder Bankman-Fried (SBF) repeatedly blamed its shortfalls on accounting errors and a large margin loan that got out of hand — not misuse of his cryptocurrency exchange's customer deposits. Details: Prof. Peter Easton was contracted by the government to go through the bank statements, loan documents, cryptocurrency holdings and exchange accounts ... (full story)