Gary Wang, the co-founder and former chief technology officer of cryptocurrency exchange FTX, testified in the criminal trial of former CEO Sam “SBF” Bankman-Fried on October 5. Wang admitted to committing crimes with the help of Bankman-Fried, former Alameda Research CEO Caroline Ellison and former FTX engineering director Nishad Singh. Wang stated that Bankman-Fried was responsible for speaking to the media, lobbying, and talking with investors, while he was responsible for coding. The third day of Bankman-Fried’s criminal trial in New York included testimony from former FTX developer Adam Yedidia and Paradigm co-founder Matt Huang. Witnesses spoke of connections between Alameda and FTX prior to the exchange’s bankruptcy filing, including testimony that SBF had directed employees to use FTX user funds to cover losses at Alameda. Wang’s testimony was a result of an agreement with prosecutors as part of a guilty plea filed in December 2022. Ellison and Singh are also expected to testify against SBF before the trial likely concludes in November. Bankman-Fried will likely remain in jail through his criminal trial following an order from Judge Lewis Kaplan revoking his bail in August. Prosecutors accused SBF of engaging in witness intimidation against Ellison and others. It’s unclear if SBF plans to speak in his own defense at trial. The criminal trial of former FTX CEO Sam “SBF” Bankman-Fried is ongoing in New York. On October 5, Gary Wang, the co-founder and former chief technology officer of FTX, testified in the trial. Wang admitted to committing crimes with the help of Bankman-Fried, former Alameda Research CEO Caroline Ellison and former FTX engineering director Nishad Singh. Witnesses spoke of connections between Alameda and FTX prior to the exchange’s bankruptcy filing, including testimony that SBF had directed employees to use FTX user funds to cover losses at Alameda. Wang’s testimony was a result of an agreement with prosecutors as part of a guilty plea filed in December 2022. Ellison and Singh are also expected to testify against SBF before the trial likely concludes in November. Bankman-Fried will likely remain in jail through his criminal trial following an order from Judge Lewis Kaplan revoking his bail in August. It’s unclear if SBF plans to speak in his own defense at trial.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	North America
Countries
Sentiment	negative
Relevance Score	8
People	Sam Bankman-Fried, Nishad Singh, Gary Wang, Matt Huang, Adam Yedidia, Caroline Ellison
Companies	United States Attorney, Paradigm, FTX, Judge Lewis Kaplan, Alameda Research
Currencies	None
Securities	None