SBF Trial Update: Co-Founder Gary Wang Goes ‘Full 8 Mile’

TL;DR

• Gary Wang simply pulled an 8 mile – admitting to all of the crimes he’d dedicated proper out of the gate, so the protection had nothing to hurl at him – then went on to disclose the next:

• The FTX ‘Insurance coverage Fund’ (a fund designed to guard customers if/when the market was turbulent) did not personal half the property it stated it did.

• Gaz additionally admitted to having permitted Alameda to make limitless withdrawals at FTX, no matter its stability.

Full Story

Alright, it is SBFTUT!

(Sam Bankman-Fried Trial Replace Time).

This is what you missed:

FTX co-founder, Gary Wang, got here. in. swinging!

Critically, this dude pulled an 8 mile – admitting to all of the crimes he’d dedicated proper out of the gate, so the protection had nothing to hurl at him – then went on to disclose the next:

• The FTX ‘Insurance coverage Fund’ (a fund designed to guard customers if/when the market was turbulent) did not personal half the property it stated it did.

  …and the determine on the FTX web site which displayed the Fund’s whole reserves was completely made up:

  “So it is a faux quantity?” requested the prosecution. “Sure,” responded G-Wang.

• Gaz additionally admitted to having permitted Alameda to make limitless withdrawals at FTX, no matter its stability.

  I.e. If Alameda ran out of cash, FTX would let it maintain buying and selling utilizing buyer funds.

Large yikes for Sam!