Sam Bankman-Fried authorized the illegal use of FTX customers' funds and assets to plug financial gaps at an affiliated hedge fund from the exchange's earliest days, FTX's co-founder Gary Wang told a
FTX founder Sam Bankman-Fried leaves Manhattan federal court, June 15, 2023, in New York.
Prosecutors allege that Bankman-Fried, 31, stole billions of dollars from investors and customers in order to fund a lavish lifestyle in The Bahamas and buy the influence of politicians, celebrities and the public. Alameda took advantage of its unlimited withdrawal capabilities and lines of credit from the start, Wang said, in the forms of cryptocurrencies as well as dollars. Initially it was only a few million dollars but grew over the years.
Alameda’s deep financial ties to FTX were in contrast to Bankman-Fried’s public statements that the hedge fund was “no different” from any other FTX customer.
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Sam Bankman-Fried directed financial crimes and lied about it, FTX co-founder testifiesGary Wang returned to the witness stand on Friday to testify against fellow co-founder of cryptocurrency exchange.
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