Gary Wang, former chief technology officer of FTX, took the stand in the trial of Sam Bankman-Fried (SBF) and confessed to collaborating in financial crimes alongside SBF, ex-Alameda CEO Caroline Ellison, and former FTX engineering executive Nishad Singh. His testimony, shared on social media platform X by Inner City Press reporter Matthew Russell Lee, revealed critical details about the exchange's inner workings.
Special Coding: Unlimited Access for Alameda
Wang testified that he personally programmed FTX's systems to grant Alameda Research unlimited withdrawal privileges, a move that violated standard exchange protocols. “We allowed Alameda to withdraw unlimited funds,” Wang stated. He explained that Alameda was named after Alameda County in California, with “Research” added to facilitate bank account openings. Wang owned 10% of Alameda, while SBF held the remaining 90%.
Equity and Roles: From Google to Billionaire Status
Wang met SBF at a summer camp in Minnesota during high school. After college, Wang worked at Google before joining SBF at Alameda and later FTX, where he focused on coding while SBF handled media, lobbying, and investor relations. Wang reported directly to SBF, who had final say on all decisions. Wang earned a $200,000 annual salary at FTX but also owned 17% of the company's shares, making him a billionaire on paper before the exchange's collapse.
Trial Progress: Cross-Examination Looms
Wang's testimony followed that of former FTX engineer Adam Yedidia. SBF's attorneys are preparing rigorous cross-examination. The court heard that Wang had allocated funds for a home purchase and kept substantial reserves for future ventures. Prosecutors presented photographs and a podcast clip detailing Alameda's naming origins. The trial continues as markets await a verdict on SBF.