Gary Wang says Bankman-Fried had ‘neutral demeanor’ when told crypto exchange had lost billions days before collapse
Gary Wang on Friday testified about the conversations between FTX’s inner circle in the exchange’s final days before its collapse.Gary Wang on Friday testified about the conversations between FTX’s inner circle in the exchange’s final days before its collapse.Sam Bankman-Fried was not surprised to discover a huge $8bn shortfall in the days before the collapse of FTX, his now bankrupt cryptocurrency exchange, according to testimony from his former business partner.
Under questioning from prosecutor Nicolas Roos, Wang walked jurors through conversations among Bankman-Fried’s inner circle in early November 2022, when more and more FTX investors were withdrawing their money. Wang said that he calculated customer balances – effectively, how much FTX actually had compared to what customers put in. Wang said he was “surprised”, because there seemed to be enough to cover non-Alameda FTX customers’ deposits.“He asked me if I was including the special Korean accounts,” Wang said. “He said, ‘Are you including our Korean friend?’”He was sent an ID associated with an email thatWang told jurors he had never heard of.
Wang was also questioned about an internal spreadsheet detailing FTX’s financials. Near an entry about billions of FTX funds that were entangled in the ailing Alameda, a note read: “Oops, this sounds like not a thing we should be counting?” FTX filed for bankruptcy on 11 November. Wang testified that, within hours of FTX filing for bankruptcy, Bankman-Fried had ordered him to send the bulk of FTX’s remaining assets to the securities regulators in the Bahamas instead of to the US authorities handling the bankruptcy.
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