Former CTO of FTX Appears in Court: SBF and Core Team Conspired to Commit Fraud, Alameda Could Withdraw Unlimited Funds from FTX

FTX co-founder and CTO Gary Wang testified in court on Thursday that SBF and the core team committed wire transfer fraud.

Former CTO of FTX: Alameda Can Withdraw Infinitely from FTX

Former Chief Technology Officer Gary Wang testified that the trading firm Alameda Research, founded by SBF, can access customer deposits from FTX. Previously, Gary Wang had confessed to the authorities.

Gary Wang stated that Alameda has a large credit line that allows them to execute orders faster on FTX and withdraw without limits.

Alameda also had a negative balance. Until FTX collapsed, Alameda had withdrawn $8 billion from FTX, with a credit limit of up to $65 billion.

Gary Wang: Alameda Differs from Traditional Market Makers

Gary Wang mentioned that Alameda's debt capacity sets it apart from other market makers on FTX. Other market makers typically have credit limits in the millions or tens of millions, not billions.

Gary Wang: I Am a Billionaire

When asked in court about his annual salary, Gary Wang stated it was $200,000. However, he owns 17% of FTX, while SBF owns 65%.

Lawyer: So you are a billionaire?

Gary Wang: Yes.

FTX also allowed him to spend $200,000 on housing and provided up to $300 million for investing in other startups.

Gary Wang: I Am Only Responsible for Coding, I Listen to SBF

Gary Wang mentioned that he is only responsible for coding. SBF handles media interviews, lobbying, and discussions with investors. In case of differing opinions, they always defer to SBF.

The above are excerpts from the questioning conducted in a U.S. court on Thursday.