Day 6 of the trial of Sam Bankman-Fried concluded with the testimony of former FTX chief technology officer Gary Wang and the beginning of former Alameda Research CEO Caroline Ellison’s testimony. Wang revealed that he admitted to committing crimes with the defendant during his first meeting with the government. He also mentioned that he was instructed to tell the truth in order to receive a 5K letter, which refers to a motion filed by the government for substantial assistance to authorities. Wang pleaded guilty to four charges, including conspiracy charges, and stated that he conspired with Sam Bankman-Fried, Nishad Singh, and Caroline Ellison. Wang met with government officials 18 times, where he initially claimed that Bankman-Fried’s tweet about FTX’s stability was true but later admitted that it was misleading. The defense attorney questioned Wang about the difference between solvency and liquidity, to which he responded affirmatively. The trial will continue with Ellison’s testimony.

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Information	Details
Geography	North America
Countries
Sentiment	neutral
Relevance Score	0
People	Damian Williams, Nishad Singh, Gary Wang, Nicolas Roos, Caroline Ellison
Companies	Justice Department, FTX, U.S. Attorney for the Southern District of New York, Alameda Research, Federal Bureau of Investigation, Consumer Financial Protection Bureau, Securities and Exchange Commission, U.S. Sentencing Guidelines
Currencies	FTX
Securities	None