Judge Kaplan Instructs Gary Wang to Slow Down During Testimony Against SBF
During the court proceedings against former FTX CEO Sam Bankman-Fried (SBF), Judge Lewis Kaplan asked FTX co-founder Gary Wang to speak more slowly while testifying. This request came after Wang made allegations against SBF.
Gary Wang Responds with Rapid Speech
In a series of posts on X (formerly Twitter), Inner City Press shared the transcribed dialogue from the court case involving SBF. On October 5, Gary Wang took the stand to testify against SBF, who is facing fraud charges related to the collapse of FTX. Wang’s responses to questions about wire fraud charges and FTX’s activities were delivered at a rapid pace. He mentioned that there were no restrictions on funds available to Alameda Research, FTX’s investment company.
Wang Clarifies How Alameda Gained Backdoor Access to FTX
Judge Kaplan inquired about the location of these privileges and how they bypassed safeguards at FTX. Wang simply stated that it was “in the code.” He also revealed that SBF deliberately named the company Alameda Research for its professional connotations and to aid in obtaining a bank account.
FTT Token Price Decline
Following FTX’s collapse, its native token, FTT, experienced a significant decline in value. Starting at $26.10 in early November 2022, it now stands at $1.22.
Different Responsibilities between Wang and SBF
During questioning, it became apparent that Wang had a singular focus on coding, while SBF had multiple roles involving media communication, lobbying, and investor relations.
Wang’s Compensation Package and Equity Stake
Wang disclosed that his compensation package amounted to $200,000. Additionally, he held a 17% equity stake in FTX, which previously made him a billionaire.
Hot Take: FTX Co-founder Testifies Against SBF in Fraud Case
During the court proceedings against former FTX CEO Sam Bankman-Fried (SBF), FTX co-founder Gary Wang testified against him. Wang’s rapid speech and revelations about Alameda Research’s backdoor access to FTX brought attention to the case. The decline in FTT token price after FTX’s collapse and the differences in responsibilities between Wang and SBF also highlight the complexity of the situation. As the trial continues, it remains to be seen how these testimonies will impact the outcome of the fraud charges against SBF.
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