‘We allowed Alameda to spend unlimited money’ – Gary Wang on SBF trial
Gary Wang, co-founder and former chief technology officer of cryptocurrency exchange FTX, was the latest witness to testify in the criminal trial of former CEO Sam “SBF” Bankman-Fried.
According to reports from Inner City Press, Wang addressed the court on October 5, along with former FTX developer Adam Yedidia and Paradigm co-founder Matt Huang. The former technology officer pleaded guilty to crimes while at FTX and was assisted by Bankman-Fried, former Alameda Research CEO Caroline Ellison and former FTX director of engineering Nishad Singh.
“We allowed Almeida to withdraw unlimited funds,” Wang said in response to questions from Assistant United States Attorney Danielle Sassoon.
He added:
“[Sam handled] Speaking to the media, lobbying, talking to investors. I just coded it. […] In the end it was Sam's decision [regarding any disagreements]He said.
October 5 marked the third day of the Bankman-Fried criminal trial in New York. The witnesses spoke about the relationship between Alameda and FTX before the exchange filed for bankruptcy, including testimony that SBF directed its employees to use FTX's beneficiary funds to cover losses to Alameda. Wang's testimony was part of a plea deal with prosecutors in December 2022. Ellison and Singh are also expected to testify against the SBF before the trial ends in November.
Day 3 of the #SBF trial, here we are bright and early! ☀️ pic.twitter.com/PQ1rQV38Px
— Cointelegraph (@Cointelegraph) October 5, 2023
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Bankman-Fried could remain in jail at his criminal trial following an order by Judge Louis Kaplan to revoke his bail in August. Prosecutors accused the SBF of engaging in witness intimidation against Ellison and others.
It is unclear if SBF plans to present its defense at trial. Under the US Constitution, no one can be compelled to testify against himself.
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