✅ Update from SBF_FTX #SBFTrial
Questioning Gary Wang, co-founder of #FTX :
Q. Did you commit financial crimes while working at FTX?
A. Yes.
Q. What types of crimes did you commit?
A. Wire fraud, securities fraud, and commodities fraud.
Q. Did you commit these crimes by yourself or with other people?
A. With other people.
Q. Who were the main people you committed these crimes with?
A. Sam Bankman-Fried, Nishad Singh, and Caroline Ellison.
Q. You're talking about Alameda Research?
A. Yes.
Q. Okay. We'll come back to it in a minute. When you say withdrew unlimited amounts of funds, whose funds are you talking about?
A. Those of customers.
Q. Let's talk about——sorry. And customers of what?
A. Customers of FTX.
Q. Mr. Wang, do you see any of the people you committed those crimes with in the courtroom today? You can stand up if you need to.
A. Yes.
Q. Who do you see?
A. Sam Bankman-Fried.
MR. ROOS: Let the record reflect the witness has identified the defendant.
Q. Mr. Wang, in general terms for now, what did you do with the defendant that was the wire fraud you were referring to?
A. We gave special privileges to Alameda Research on FTX, which allowed it to withdraw unlimited amounts of funds from the platform, and we lied about this to the public.
Q. When you say withdrew unlimited funds from the platform, what are you referring to?
A. It had the ability to, regardless of what was in the account, to withdraw unlimited amounts of money.
👽
Questioning Gary Wang, co-founder of #FTX :
Q. Did you commit financial crimes while working at FTX?
A. Yes.
Q. What types of crimes did you commit?
A. Wire fraud, securities fraud, and commodities fraud.
Q. Did you commit these crimes by yourself or with other people?
A. With other people.
Q. Who were the main people you committed these crimes with?
A. Sam Bankman-Fried, Nishad Singh, and Caroline Ellison.
Q. You're talking about Alameda Research?
A. Yes.
Q. Okay. We'll come back to it in a minute. When you say withdrew unlimited amounts of funds, whose funds are you talking about?
A. Those of customers.
Q. Let's talk about——sorry. And customers of what?
A. Customers of FTX.
Q. Mr. Wang, do you see any of the people you committed those crimes with in the courtroom today? You can stand up if you need to.
A. Yes.
Q. Who do you see?
A. Sam Bankman-Fried.
MR. ROOS: Let the record reflect the witness has identified the defendant.
Q. Mr. Wang, in general terms for now, what did you do with the defendant that was the wire fraud you were referring to?
A. We gave special privileges to Alameda Research on FTX, which allowed it to withdraw unlimited amounts of funds from the platform, and we lied about this to the public.
Q. When you say withdrew unlimited funds from the platform, what are you referring to?
A. It had the ability to, regardless of what was in the account, to withdraw unlimited amounts of money.
👽