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Sam Bankman-Fried FTX Co-founder

FTX Co-Founder Takes The Stand: Delivers Multiple Death Blows To Sam Bankman-Fried

Scott Matherson
by Scott Matherson
1 year ago
·
Posted in FTX
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

On October 5 (Day 3 of the Sam Bankman-Fried “SBF” Trial), the prosecution called some key witnesses to prove that SBF committed fraud. One of the witnesses called was FTX Co-founder and SBF’s associate Gary Wang with the former FTX executive making several revelations about SBF’s wrongdoings. 

What Wang Said About Sam Bankman-Fried On The Stand

According to a thread on the X (formerly Twitter) platform by Inner City Press, which was present at the trial, Wang admitted that he, alongside Caroline Ellison, Nishad Singh, and most importantly, Sam Bankman-Fried, had conspired to commit crimes at FTX. 

Related Reading: Prosecutors Accuse FTX’s Sam Bankman-Fried Of Massive $10 Billion Theft, Here’s His Response

Following this admission, the prosecution went on to hammer on the crime of wire fraud and asked how Wang to elaborate on how that happened. He replied that they allowed Alameda Research to withdraw “unlimited funds.” Collaborating with the earlier claims of the prosecution, Wang stated that this was made possible through a code.

In an attempt to lay a foundation for FTX’s hierarchy and how Sam Bankman-Fried was the head of it all, the prosecution led Wang to talk about the stake in the company with him stating that SBF had about 65% ownership in FTX while he had 17%. He further stated that he reported to Sam Bankman-Fried and that he always had the final say in the end.

Wang’s statement also confirms a recent report that there was indeed a backdoor between FTX and Alameda Research which allowed the latter to withdraw customer funds and maintain a negative balance of up to $65 billion. The prosecution had earlier claimed this was one of the two ways SBF siphoned money (up to $10 billion) from FTX.

Wang happens to be the first of three top executives and SBF’s close associates that are expected to take the stand and testify against SBF as part of their plea deal. The other two are Alameda Research’s ex-CEO, Caroline Ellison, and FTX’s Director of Engineering, Nishad Singh. 

How Alameda Research Came About

Besides the revelations about SBF’s illicit activities, Wang also gave an interesting insight into how the name Alameda Research had come about. Many in the crypto community may have, at one point or the other, wondered why a crypto trading firm would be named ‘Alameda Research’ with an emphasis on ‘Research.’

Related Reading: Sam Bankman-Fried: Important Highlights From Day 1 As FTX Founder’s Trial Commences

According to Wang, this was also SBF’s idea. ‘Alameda’ came about because the company was in Alameda County, while ‘Research’ was included because Sam Bankman-Fried thought it would be easier to get a bank account with that name. 

That statement laid the foundation for the prosecution to play a recording where Sam Bankman-Fried opposed naming the firm ‘Shit Coin Daytraders Inc.’ and stated that Research was befitting because “no one doesn’t like research.”

SBF’s trial is set to continue on October 6, starting with the defense counsel cross-examining Wang. Noteworthily, the prosecution mentioned at the last hearing that they were running behind time in a trial that was projected to last for about 6 weeks. 

FTX FTT Token price chart from Tradingview.com (Sam Bankman-Fried)

FTT still holding strong at $1.2 | Source: FTTBUSD on Tradingview.com
Featured image from USA Today, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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