New York, October 5, 2023: Gary Wang, co-founder of the now-bankrupt cryptocurrency exchange FTX Gary Wang, on October 4 testified against his former friend and business partner, Sam Bankman-Fried. 1
Bankman-Fried is on trial for fraud and money laundering charges related to the collapse of FTX, which lost billions of dollars in customer funds and left many investors stranded. Gary Wang, the Chinese-American computer scientist and entrepreneur, co-founded and previously served as the Chief Technology Officer of the cryptocurrency exchange FTX.
Wang’s testimony is seen as highly damaging to Bankman-Fried’s defense.
Wang testified that Bankman-Fried was aware of the financial problems at FTX and that he misled investors about the company’s financial health. 1
Wang also testified that Bankman-Fried used customer funds to prop up his other businesses, including the hedge fund Alameda Research.
On the other hand, Bankman-Fried’s lawyers have tried to portray Wang as a disgruntled employee who is out to get revenge on his former boss. However, Wang’s testimony has been corroborated by other witnesses and documents, making it difficult for Bankman-Fried’s defense to dismiss it.
- Gary Wang Testifies Against Sam Bankman-Fried: https://www.bloomberg.com/news/articles/2023-10-06/gary-wang-avoids-eye-contact-with-sbf-and-recounts-tale-of-lies#xj4y7vzkg[↩][↩]
