'We allowed Alameda to withdraw unlimited funds' — Gary Wang at SBF trial

According to FTX's former chief technology officer, Sam Bankman-Fried committed crimes with himself, Nishad Singh and Caroline Ellison.

Gary Wang, the co-founder and former chief technology officer of cryptocurrency exchange FTX, was the latest witness to testify in the criminal trial of former CEO Sam “SBF” Bankman-Fried.

According to reports from Inner City Press, Wang addressed the courtroom on Oct. 5 following testimony from former FTX developer Adam Yedidia and Paradigm co-founder Matt Huang. The former CTO reportedly admitted to committing crimes during his time at FTX with the help of Bankman-Fried, former Alameda Research CEO Caroline Ellison and former FTX engineering director Nishad Singh.

“We allowed Alameda to withdraw unlimited funds,” said Wang in response to questioning from Assistant United States Attorney Danielle Sassoon.

He added:

“[Sam handled] speaking to the media, lobbying, talking with investors. I just coded [...] in the end it was Sam's decision to make [regarding any disagreements].”

Oct. 5 marked the third day of Bankman-Fried’s criminal trial in New York. Witnesses largely spoke of connections between Alameda and FTX prior to the exchange’s bankruptcy filing, including testimony that SBF had directed employees to use FTX user funds to cover losses at Alameda. Wang’s testimony was a result of an agreement with prosecutors as part of a guilty plea filed in December 2022. Ellison and Singh are also expected to testify against SBF before the trial likely concludes in November.

Related: Sam Bankman-Fried’s jets are subject to forfeiture, says prosecution

Bankman-Fried will likely remain in jail through his criminal trial following an order from Judge Lewis Kaplan revoking his bail in August. Prosecutors accused SBF of engaging in witness intimidation against Ellison and others.

It’s unclear if SBF plans to speak in his own defense at trial. Under the U.S. Constitution, no person can be forced to offer certain testimony if they might incriminate themselves.

Magazine: Can you trust crypto exchanges after the collapse of FTX?


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