Sam Bankman-Fried trial: Crypto FTX co-founder admits ‘we did it’

| FTX co-founder Gary Wang took the stand at Sam Bankman-Fried’s trial on Thursday and admitted he and his former MIT roommate committed a multi-billion dollar fraud by secretly shifting customer funds to trading company Alameda Research.

His hotly anticipated trial started this week, with Mr Wang one of the key witnesses after he pleaded guilty to fraud and agreed to cooperate against his former house-mate. Prosecutors promised, before the trial started, to use testimony from Mr Bankman-Fried’s “trusted inner circle” to prove he intentionally stole from customers and investors and then lied about it.

Mr Wang’s testimony potentially undercuts Mr Bankman-Fried’s contention that he was not closely involved with the running of Alameda and relied instead on ex-girlfriend Ms Ellison.Bloomberg Mr Wang, who was once a billionaire with 10 per cent ownership of Alameda Research and a 17 per cent equity stake in FTX, was asked about the genesis of the name of the affiliated hedge fund.“It’s also better if the name didn’t include cryptocurrency because that would make it easier to get office leases and things like that,” Mr Wang said.

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