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Home/Crypto Live News/FTX Co-Founder Testifies That Sam Bankman-Fried Committed Wire Fraud!
Crypto Live News
Author: Mustafa Mulla
Mustafa Mulla 
Author
Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.
Oct 6, 2023 10:04
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.
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