Exclusive: FTX Co-Founder Gary Wang Reveals Shocking Claims About Bankman-Fried’s Alleged Misuse of Funds!

Last year, leaked documents revealed serious issues in FTX’s financial statements. The public disclosure of these documents resulted in a rush for withdrawals from FTX, but the company was unable to handle the high activity.

In November, FTX filed for Chapter 11 bankruptcy in the United States, and Bankman-Fried stepped down as CEO. A month later, he was charged with electronic fraud, securities fraud, money laundering, and conspiracy, but pleaded not guilty. If convicted of all charges, Bankman-Fried could face over 100 years in prison.

In addition to Wang, Bankman-Fried’s high school friend, Nishad Singh and Caroline Ellison, two other top executives of the conglomerate, have also pleaded guilty and are cooperating with prosecutors.

Wang and Singh admitted to creating a “secret backdoor” that allowed Alameda to access FTX’s clients’ funds.

“We gave special privileges to Alameda Research on FTX,” said Wang. “And we lied about it to the public.”

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