Danny is CoinDesk's Managing Editor for Data & Tokens. He owns BTC, ETH and SOL.
NEW YORK -- Alameda Research had “special privileges” at FTX that allowed the crypto hedge fund to spend $8 billion of exchange customers’ money, Gary Wang, a former top lieutenant in Sam Bankman-Fried’s empire, testified at trial Friday.
Once known as FTX’s quiet chief technology officer, Wang in his testimony introduced the jurors to the byzantine financial arrangements that the government alleges enabled the two companies to steal billions of dollars from FTX customers. “Sam said that he wanted to pay for FTT-related expenses from Alameda accounts," Wang said. But Alameda’s spending grew broader – and never stopped, he said.
Bankman-Fried’s parents were present in court again Friday. The mother wore a black suit and listened to Wang’s testimony while occasionally moving her eyes to her son, who was sitting on the defense’s bench in the same suit he’s been wearing all week. The father showed up in a gray suit holding a notepad.Some of the 12 jurors and six alternates took notes while Wang was speaking while others just listened, bouncing their eyes back and forth between the witness and the questioning counsel.
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