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The Independent UK

National

Larry Neumeister

FTX co-founder testifies against Sam Bankman-Fried, saying they committed crimes and lied to public

Sam Bankman-Fried FTX Gary Wang Alameda Alameda Research Cryptocurrency New York

Copyright 2023 The Associated Press. All rights reserved

Prosecutors went to the heart of their case against FTX founder Sam Bankman-Fried on Thursday as the company's co-founder began his testimony, telling a New York jury that he and Bankman-Fried committed financial crimes and lied to the public before the cryptocurrency trading platform collapsed last year.

Gary Wang, 30, said he committed wire, securities and commodities fraud as the chief technical officer at FTX after also sharing ownership in Alameda Research, a cryptocurrency hedge fund that he and Bankman-Fried started in 2017 and eventually used to withdraw $8 billion in FTX funds illegally. He said Bankman-Fried directed the illegal moves.

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