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 belongings it stated it did.
Gaz additionally admitted to having permitted Alameda to make limitless withdrawals at FTX, no matter its steadiness.
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 belongings it stated it did.
…and the determine on the FTX web site which displayed the Fund’s complete reserves was solely made up:
“So it is a pretend quantity?” requested the prosecution. “Sure,” responded G-Wang.
Gaz additionally admitted to having permitted Alameda to make limitless withdrawals at FTX, no matter its steadiness.
I.e. If Alameda ran out of cash, FTX would let it preserve buying and selling utilizing buyer funds.
Huge yikes for Sam!
