Former FTX CEO Sam Bankman-Fried testified in court last week, denying any wrongdoing between FTX and Alameda Research despite admitting “big mistakes.“ Bankman-Fried denied having directed Ryan Salame, the former co-CEO of FTX Digital Markets, and Nishad Singh, the former director of engineering, to funnel millions of dollars in contributions to political campaigns. Bankman-Fried asked Ellison to hedge $2 billion in Bitcoin against a possible price decline in 2021 that was never implemented. FTX’s terms of use include a clawback provision that would socialize losses among customers using margin trade and futures contracts if the exchange’s risk engine fails.