Sam Bankman-Fried’s fraud trial began just four days ago, and already jurors have heard testimony from one of his closest business partners who said, in essence, “we did the crimes, and we did them at
SBF’s direction.” Gary Wang, the co-founder of now-bankrupt crypto exchange FTX, is just the first of what is expected to be three key witnesses for the prosecution who will say under oath that the crypto firm’s leadership defrauded investors and stole from customers in a multibillion-dollar scheme involving FTX and its sister trading house, Alameda Research.
But Alameda was not a typical customer. Wang, who pleaded guilty to financial crimes as part of a plea deal, testified that he personally wrote some of the computer code that allowed Alameda backdoor access to FTX money, including customer deposits. He also said that Alameda had a $65 billion line of credit from FTX — a figure that was meant to be so big it couldn’t be breached. And Alameda was the only FTX customer allowed to carry a negative balance.
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