Gary Wang Testifies in Criminal Trial of Former FTX CEO Sam Bankman-Fried
Gary Wang, co-founder and former CTO of cryptocurrency exchange FTX, recently testified in the criminal trial of former CEO Sam “SBF” Bankman-Fried. Wang admitted to committing crimes during his time at FTX with the assistance of Bankman-Fried, former Alameda Research CEO Caroline Ellison, and former FTX engineering director Nishad Singh. During questioning, Wang revealed that they allowed Alameda to withdraw unlimited funds and that Bankman-Fried made the final decisions regarding any disagreements.
Witnesses Highlight Connections Between Alameda and FTX
The trial, which took place in New York, focused on the connections between Alameda and FTX before the exchange’s bankruptcy filing. Witnesses testified that Bankman-Fried instructed employees to use FTX user funds to cover losses at Alameda. Wang’s testimony was part of a plea agreement he made with prosecutors in December 2022. Ellison and Singh are also expected to testify against SBF before the trial concludes in November.
Bankman-Fried Remains in Jail
Judge Lewis Kaplan revoked Bankman-Fried’s bail in August, ordering him to remain in jail throughout his criminal trial. Prosecutors accused SBF of witness intimidation against Ellison and others. It is uncertain if Bankman-Fried plans to speak in his own defense during the trial, as individuals cannot be forced to offer self-incriminating testimony under the U.S. Constitution.
Hot Take: Gary Wang’s Testimony Strengthens Case Against Sam Bankman-Fried
Gary Wang’s testimony further solidifies the case against Sam “SBF” Bankman-Fried in his ongoing criminal trial. As the co-founder and former CTO of FTX, Wang’s admission of committing crimes with Bankman-Fried’s assistance adds weight to the prosecution’s claims. The revelation that Alameda was allowed to withdraw unlimited funds and that Bankman-Fried had the final say in disagreements highlights his alleged involvement in fraudulent activities. With additional witnesses expected to testify against Bankman-Fried, the trial is likely to uncover further evidence supporting the charges. Bankman-Fried’s decision to remain in jail and the potential implications of his silence during the trial may impact the outcome of the case.
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