Business
The co-founder of crypto substitute FTX, Gary Wang, testified in court on Thursday that Sam Bankman-Fried and his inner circle dedicated wire fraud. Wang revealed that Alameda Study, founded by Bankman-Fried, had entry to buyer deposits and would possibly well per chance withdraw limitless funds from FTX, permitting the buying and selling desk to withdraw $8 billion by the time FTX collapsed. Wang furthermore disclosed that Bankman-Fried owned 90% of Alameda Study and 65% of FTX. Matt Huang, managing partner at Paradigm, testified that his agency wouldn’t possess invested $278 million in Bankman-Fried’s companies if it had known that funds would be siphoned off to Alameda Study.