Sam Bankman-Fried’s cofounder describes FTX’s hidden cheat code to misuse customer funds

FTX cofounder Gary Wang offered new details about how the executives misled customers—including fabricating how much money was in its insurance fund.

What Sam Bankman-Fried knew, how early he knew it, and the steps big and small he took to make it happen: His former friend, cofounder of Alameda Research, and FTX’s former chief technology officer Gary Wang laid it all out in damaging testimony on Friday at Bankman-Fried’s federal fraud trial. Wang offered new information on the extent of the actions at FTX and of Bankman-Fried.

Read Full Story