Insider Testimony Exposes Fraud and Financial Woes at FTX and SBF

FTX co-founder Gary Wang testified in court that Sam Bankman-Fried and his inner circle committed wire fraud by allowing Alameda Research, Bankman-Fried's trading desk, to withdraw unlimited funds from FTX and carry a negative balance. Wang, who pleaded guilty and agreed to cooperate with authorities, revealed that Alameda had withdrawn $8 billion from the platform and drawn $65 billion on its line of credit. Wang also disclosed his salary and equity in FTX, as well as his limited role compared to Bankman-Fried. Another witness, Matt Huang from Paradigm, testified that his firm wouldn't have invested in Bankman-Fried's companies if they had known about the funds being siphoned off to Alameda Research.