FTX Co-Founder Testifies That Sam Bankman-Fried Committed Wire Fraud!

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The co-founder of crypto exchange FTX, Gary Wang, testified in court on Thursday that Sam Bankman-Fried and his inner circle committed wire fraud. Wang revealed that Alameda Research, founded by Bankman-Fried, had access to customer deposits and could withdraw unlimited funds from FTX, allowing the trading desk to withdraw $8 billion by the time FTX collapsed. Wang also disclosed that Bankman-Fried owned 90% of Alameda Research and 65% of FTX. Matt Huang, managing partner at Paradigm, testified that his firm wouldn’t have invested $278 million in Bankman-Fried’s companies if it had known that funds would be siphoned off to Alameda Research.