(Bloomberg) — FTX co-founder Gary Wang said he and Sam Bankman-Fried committed a multibillion-dollar fraud with customer funds that led to the cryptocurrency exchange’s collapse, shortly after taking the stand against his onetime math camp buddy and MIT roommate.Most Read from BloombergAlmost Anyone Can Become the House Speaker, Except Donald TrumpThe Moral Case for No Longer Engaging With Elon Musk’s XOzempic Is Making People Buy Less Food, Walmart SaysIt’s Done. The Future Is Battery-Powered
FTX co-founder Gary Wang said he and Sam Bankman-Fried committed a multibillion-dollar fraud with customer funds that led to the cryptocurrency exchange’s collapse, shortly after taking the stand against his onetime math camp buddy and MIT roommate.
Dressed in a gray suit and red tie, Wang didn’t make eye contact with Bankman-Fried as he entered the Manhattan courtroom Thursday afternoon to testify as a government witness. At one point, Assistant US Attorney Nicolas Roos asked Wang, 30, to identify his former colleague. Wang craned his neck, looking around the courtroom before pointing towards Bankman-Fried, who was seated between his lawyers.
Prosecutors claim Bankman-Fried orchestrated a scheme in which billions of dollars in FTX customer funds were secretly transferred to affiliated hedge fund Alameda Research.
