Gary Wang said at the SBF trial, “We allowed Alameda to withdraw unlimited funds.”

As disclosed by FTX’s former Chief Technology Officer, a consortium comprising Sam Bankman-Fried, Nishad Singh, and Caroline Ellison has been implicated in unlawful activities. Gary Wang, the co-founder and former Chief Technology Officer of the cryptocurrency exchange FTX, took the stand as the latest witness in the ongoing criminal trial involving the former CEO, Sam “SBF” Bankman-Fried.

According to reports emanating from Inner City Press, Wang made his appearance in the courtroom on October 5th, immediately following the testimonies of former FTX developer Adam Yedidia and Paradigm co-founder Matt Huang. The former CTO candidly admitted to engaging in illicit activities during his tenure at FTX, allegedly in collaboration with Bankman-Fried, the former Alameda Research CEO Caroline Ellison, and the former FTX Engineering Director, Nishad Singh.

Wang revealed, “We permitted Alameda to execute unlimited fund withdrawals,” in response to Assistant United States Attorney Danielle Sassoon’s inquiry. He further elaborated, stating, “[Sam handled] media interactions, lobbying efforts, and investor communications. My role primarily entailed coding […] ultimately, decisions rested with Sam in the event of any disagreements.”

October 5th marked the third day of Bankman-Fried’s criminal trial in New York, with witnesses predominantly shedding light on the intricate connections between Alameda and FTX preceding the exchange’s declaration of bankruptcy. Testimonies included assertions that SBF had instructed employees to employ FTX user funds to offset losses incurred at Alameda. Wang’s testimony was part of a cooperation agreement with prosecutors, stemming from a guilty plea entered in December 2022. Ellison and Singh are also slated to testify against SBF, with the trial anticipated to conclude in November.

Following an order issued by Judge Lewis Kaplan in August, Bankman-Fried is expected to remain in custody throughout the course of his criminal trial. Prosecutors have accused SBF of engaging in witness intimidation directed at Ellison and others.

The prospect of SBF offering his own defense at trial remains uncertain. As per the provisions of the U.S. Constitution, no individual can be compelled to provide self-incriminating testimony.

The post Gary Wang said at the SBF trial, “We allowed Alameda to withdraw unlimited funds.” appeared first on BitcoinWorld.

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