Gary Wang, the former Chief Technology Officer (CTO) of FTX, testified in the trial of Sam Bankman-Fried (SBF) for scam. Wang accused SBF, the founder of the cryptocurrency exchange, of being involved in a conspiracy to defraud investors. He revealed that Alameda Research, a company affiliated with FTX, withdrew a significant amount of value from the exchange, resulting in $20 billion in owed fees. Wang also stated that Alameda had the ability to enter positions on FTX at the expense of the company, leading to significant losses. He further disclosed that Alameda used its credit line to withdraw customers’ cryptocurrencies from the exchange. Wang’s testimony shed light on the fraudulent activities taking place within FTX and Alameda. The trial is ongoing, and prosecutors plan to introduce audio evidence to support their case.
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