Former FTX chief technology officer, Gary Wang, has taken the stand in the trial of FTX founder Sam Bankman-Fried, admitting to committing financial crimes alongside Bankman-Fried and other former executives. Wang testified that they allowed FTX sister company Alameda Research to withdraw unlimited funds from the exchange, with these privileges coded into FTX’s systems. Wang, who knew Bankman-Fried since high school, stated that Alameda was named after Alameda County in California, where it was founded, and added “Research” to the name to make opening a bank account easier. Wang’s testimony came after Adam Yedidia’s testimony and is expected to face a rigorous cross-examination from Bankman-Fried’s attorneys.
#FTX #SamBankmanFried #AlamedaResearch #GaryWang #FinancialCrimes #Trial #Cryptocurrency #Finance
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