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FTX co-founder Gary Wang testified under oath to committing multi-billion-dollar fraud along with Sam Bankman-Fried on the third day of SBF’s criminal trial in New York.
Co-founder and former chief technology officer of the now collapsed crypto exchange FTX, Gary Wang, testified on Wednesday to committing crimes during his time at the exchange with SBF. Wang further admitted to committing such crimes with the help of former Alameda Research CEO Caroline Ellison and form FTX engineering director Nishad Singh.
SBF Committed Fraud with Help of Ellison, Wang, and Singh
According to reports by the Inner City Press, Gary Wang gave evidence on October 5, the third day of SBF’s criminal trial hearing in New York. Ellison, Wang, and Singh pleaded guilty shortly after SBF’s arrest.
Gary Wang: Chief Technology Officer.— Inner City Press (@innercitypress) October 5, 2023
AUSA: Did you commit crimes at FTX?
Gary Wang: Yes. With Nishad Singh, Caroline Ellison and Sam Bankman-Fried.
AUSA: Is that him over there?
Gary Wang: Yes.
Wang responded to questions from Assistant United States Attorney Danielle Sassoon. He reportedly said:
“We allowed Alameda to withdraw unlimited funds.”
“[Sam handled] speaking to the media, lobbying, talking with investors. I just coded [...] in the end it was Sam’s decision to make [regarding any disagreements].”
Wang testified after Paradigm co-founder Matt Huang gave evidence about Paradigm’s past FTX investments.
Up to 100 Years in Prison
SBF is on trial and facing seven counts of fraud, criminal conspiracy, and embezzlement. If convicted, he could face up to 100 years in prison.
During opening remarks earlier this week, SBF’s legal team argued much of the former CEO’s actions were committed in “good faith.” The prosecution, however, contends SBF and his crypto empire were “built on lies.”
The disgraced former CEO is expected to remain in jail for the duration of his trial after his bail was revoked in August.
Caroline Ellison, SBF’s former girlfriend, and Nishad Singh are expected to testify against Bankman-Fried before the trial concludes.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.