After crypto exchange FTX failed to pay back customers in November and plunged into bankruptcy, details began to emerge about the reasons for its collapse. Its associated trading firm, Alameda Research, had borrowed billions of dollars in customer funds for its own purposes, meaning FTX users couldn’t be made whole when they attempted withdrawals.
On Friday, FTX cofounder Gary Wang took the stand in the criminal trial of Sam Bankman-Fried, whom he first met at a high school math camp. After admitting on Thursday that he had committed fraud while at the helm of the crypto empire, Wang detailed the extent of the alleged crimes on Friday, under direct examination by Department of Justice prosecutor Nicolas Roos.
