Gary Wang, former CTO of FTX, testified in court on the third day of SBF’s trial. He pleaded guilty and admitted to committing crimes at FTX with Nishad Singh, Caroline Ellison and Sam Bankman-Fried. Wang revealed that FTX made money through trading fees and that the sister platform Alameda Research was created to make it easier to register a bank account. He also stated that all disagreements were solved in accordance with SBF’s wishes. The C-Suite of FTX has been cooperative with the authorities, with the exception of Ryan Salame and two other execs who left before the collapse and have not been accused of any wrongdoing. Testimony from French commodities trader Marc-Antoine Juillard and college acquaintance turned FTX colleague Adam Yedida preceded Wang’s. The U.S. Attorney asked Wang about wire fraud and he admitted its existence, stating that it took place by allowing Alameda to withdraw unlimited funds. He also indicated that these special privileges were baked into the code. The court adjourned after Wang stepped down from the witness stand. He will likely be back for further questioning at a later date.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	North America
Countries
Sentiment	neutral
Relevance Score	8
People	Sam Bankman-Fried., Adam Yedida, Nishad Singh, Gary Wang, Marc-Antoine Juillard, Caroline Ellison, Ryan Salame
Companies	PrimeXBT, Binance Futures, SBF, FTX, Alameda Research
Currencies	US Dollar, FintruX, Ethereum, Bitcoin, X Project
Securities	None