Zixiao (Gary) Wang personally signed for hundreds of millions of dollars in loans when he was chief technology officer at the now-bankrupt crypto exchange FTX. Why? He couldn’t “recall,” he said during his third day of testimony in the blockbuster trial of former crypto mogul Sam Bankman-Fried.
Wang, who signed a cooperation agreement with the government to testify against Bankman-Fried, said that the former CEO of FTX had directed him to take out the loans from Alameda Research, the crypto hedge fund Bankman-Fried also owned. These were for “investments,” Wang said, but he couldn’t remember what most were for, other than some capital allocated for the purchase of LedgerX, which FTX bought in 2021.
