FTX Executives Cooperate with Authorities
FTX’s C-Suite executives have been mostly cooperative with authorities, except for Ryan Salame and two others who left before the collapse. The executives who remained pleaded guilty and agreed to testify in court. The trial’s third day featured testimony from Gary Wang, a former FTX employee with master key access to the company’s internal workings.
Self-Implication off the Bat
Gary Wang, the former CTO, quickly admitted his guilt and that of his alleged co-conspirators. He confirmed committing crimes at FTX and admitted to wire fraud by allowing Alameda to withdraw unlimited funds. Wang revealed that these special privileges were coded into the system, and disagreements were resolved according to SBF’s wishes. He also mentioned that FTX generated revenue through trading fees and that Alameda Research was named with “Research” to facilitate opening a bank account.
Fees And Practices
Gary Wang stated that FTX generated revenue through trading fees. He explained that the name “Alameda Research” was chosen because it was believed to make it easier to register a bank account. After questioning, Wang stepped down from the witness stand.
Hot Take: Revelations from FTX Trial
The ongoing trial involving FTX has seen admissions of guilt from former executives and revelations about fraudulent activities at the company. Gary Wang, the former CTO, testified that he committed crimes along with other individuals, including FTX CEO Sam Bankman-Fried. The court learned about wire fraud and how special privileges were coded into the system, benefiting certain individuals like Alameda Research. The trial has shed light on FTX’s revenue generation through trading fees and the reasons behind naming Alameda Research. These testimonies provide valuable insight into the inner workings of FTX and the involvement of its executives in illegal activities.
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