FTX Founder Exposes Sam Bankman-Fried's Misuse of Funds and Giant Fraud
Gary Wang, a former executive of FTX cryptocurrency exchange, testified in court that the founder, Sam Bankman-Fried, directed a related hedge fund, Alameda Research, to misuse billions of dollars in customer funds. Wang stated that Bankman-Fried was fully aware of the siphoning off of $8 billion from FTX by Alameda Research and had lied about the safety of customer assets. Wang, who pleaded guilty and is cooperating with prosecutors, revealed that Bankman-Fried made the final decisions at FTX and had allowed Alameda to borrow an unlimited amount of money from the exchange. Bankman-Fried is currently on trial for fraud charges related to the alleged misuse of customer funds.
- Gary Wang, a FTX Founder, Says Sam Bankman-Fried Steered Misuse of Funds The New York Times
- FTX Co-Founder Wang Testifies He, SBF Committed Giant Fraud Bloomberg Television
- Sam Bankman-Fried's lawyers have enervated Judge Lewis Kaplan with their repetitive questions. Slate
- Many people longed to believe in Sam Bankman-Fried Financial Times
- Sam Bankman-Fried’s ‘young, eccentric billionaire’ shtick was just another part of the grift The Guardian
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