Gary Wang deelt meer schokkend inzicht in de getuigenis van vrijdag
- Gary Wang beweerde dat Alameda speciale voordelen genoot van FTX, waaronder het doen van directe opnames.
- Bankman-Fried ordered Wang to tweak FTX’s code to enable Alameda Research to trade more than it had available.
- Aanklagers beweren dat Bankman-Fried FTX-klanten heeft misleid door hun geld te gebruiken zonder hun toestemming.
Friday marked the fourth day of Bankman-Fried’s criminal trial, and FTX co-founder and former chief technology officer Gary Wang made another court appearance to discuss the ties between FTX and Alameda Research.
Wang shared more shocking insights into the relationship between both sister companies, adding that Alameda’s account on FTX allowed them to trade more than it had available—a feature known as “allow negative.” According to reports, the former FTX executive said Bankman-Fried wanted special treatment for Alameda Research.
Bankman-Fried allegedly ordered Wang and former FTX engineering director Nishad Singh to tweak FTX’s code in 2019 to allow Alameda to withdraw unlimited funds. Wang explained that this feature was one of the benefits Alameda Research enjoyed that was not disclosed to the public.
Volgens to Wang, the “allow negative” tweak to the FTX rules allowed Alameda to get a negative balance of $200 million as opposed to FTX’s income of $150 million in 2020. He allegedly claimed that, despite making false claims about the relationship between the two companies, Bankman-Fried had granted Alameda a $65 billion line of credit.
Wang zei naar verluidt in de rechtbank:
We had said we wouldn’t use funds like this. After I said the Alameda balances were off by billions, [Bankman-Fried] asked to meet in the Bahamas office. He asked me about the bug, and then he told Caroline Alameda can go ahead and return the borrows.
Wang noted that Alameda was allowed to make direct withdrawals from FTX. Prosecutors charged Bankman-Fried with fraud. However, at the heart of their case against the former crypto mogul is that he oversaw the use of FTX customers’ funds without their permission.
Wang en andere leidinggevenden van FTX hebben schuld bekend en werken samen met openbare aanklagers in hun zaak tegen Bankman-Fried. Interessant genoeg waren Wang en Bankman-Fried kamergenoten op de universiteit voordat ze bij FTX gingen samenwerken.
Wang is the first on the list of former FTX executives to testify, but the jury has already heard testimony from three other witnesses. Former FTX users said that they were unable to withdraw their money when the exchange went out of business, while Matt Huang, the manager of a crypto-focused firm that made an investment in FTX, claimed to have been informed that Alameda enjoyed “no preferential treatment” on the system.
Voormalig FTX-computerprogrammeur Adam Yedidia, die onder Wang werkte, zei dat hij Bankman-Fried maanden vóór de rampzalige verdenkingen op de hoogte had gebracht van zijn vermoedens. instorten. Yedidia grew concerned after discovering that Alameda had borrowed $8 billion from FTX. He claimed that Bankman-Fried expressed similar concerns about the company’s future, admitting that they were not as “bulletproof” as they had been months earlier.