BitcoinWarrior

News and Education

FTX CTO Gary Wang Reveals Fraudulent Practices At Crypto Exchange During Bankman-Fried Trial

Alameda Research enjoyed unique access on the FTX platform, enabling the crypto hedge fund to utilize $8 billion of the exchange’s client funds, revealed Gary Wang, the former chief technology officer (CTO), during Sam Bankman-Fried’s trial on Friday. Wang, who was instrumental in founding both companies alongside Bankman-Fried, disclosed that a covert feature was implemented in July 2019, shortly after FTX’s inception, Coindesk reported. This feature, exclusive to Alameda, allowed its FTX account balance to dip below zero. Wang quoted, “Sam told me to make sure Alameda’s accounts would never