In Gary Wang’s telling, FTX was a piggy bank, Alameda a pair of greedy fingers. Did Sam Bankman-Fried make them pinch?
A courtroom sketch shows witness Gary Wang being interrogated as Judge Lewis B. Kaplan and Sam Bankman-Fried look on, on the fourth day ofto get our latest updates on the trial and the state of the tech industry—and the rest of the day’s top stories—and support our work when you, the former FTX engineering director who’d first taken the stand Thursday evening .
It was in July 2019, just a few months after FTX’s launch, that Bankman-Fried instructed Wang and chief technology officer Nishad Singh to construct a backdoor on the exchange for Alameda. As Wang testified, SBF wanted the exchange to act as backstop for expenses related to FTX’s in-house token, FTT. You may recallas it went down. Wang described the FTX-exclusive currency as a “sort of equity” in the exchange—i.e.
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