FTX co-founder Gary Wang’s court testimony revealed wire fraud allegations against Sam Bankman-Fried and associates.co-founder Gary Wang’s court testimony unveiled significant allegations of wire fraud against Sam Bankman-Fried and his inner circle.
Wang provided intricate details about the arrangement with Alameda Research, clarifying that the trading desk enjoyed substantial privileges. This included a sizeable line of credit that facilitated quicker order execution on FTX’s platform. This level of indebtedness by Alameda set it apart from other market makers of FTX. Typically, these market makers operated with lines of credit in the millions, not billions, as was the case with Alameda.In addition to the revelations about Alameda, Wang also disclosed significant information regarding his compensation and ownership within FTX. He shared that he had received an annual salary of $200,000 and held a substantial 17% equity stake in the company.
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