#FTX #SBF #FTT
In court today, Gary Wang, co-founder of FTX & Alameda, testified that Sam Bankman-Fried allowed Alameda to dip into FTX customer funds as early as late 2019 / early 2020.
Gary Wang: So at the very end of 2019 or early 2020, I did a database query to check what Alameda's balances were at the time. When I checked, it was negative by more than what FTX's trading revenue was at the time.
Prosecutor: What was the implication of Alameda having a negative balance in excess of FTX's revenue?
Gary Wang: It means that Alameda was taking customers' money.
Prosecutor: What did the defendant (Sam Bankman-Fried) say?
Gary Wang: He asked me, when I was doing this calculation, if I was including the value of Alameda's FTT, which was held in a separate account. He asked me if I was also including that FTT.
Prosecutor: To break this down a little bit, you said Alameda's account was negative in excess of revenue. What was FTX's revenue at the time?
Gary Wang: It was around $150 million.
Prosecutor: What was Alameda's negative balance at the time?
Gary Wang: It was more than that. It was more than that. I think it was around 200 million.
Prosecutor: When you told the defendant that Alameda had a negative balance, what did he tell you to include in the balance calculation?
Gary Wang: He asked me to include the value of all of Alameda's accounts on FTX and include the value of the FTT that was in those accounts.
In court today, Gary Wang, co-founder of FTX & Alameda, testified that Sam Bankman-Fried allowed Alameda to dip into FTX customer funds as early as late 2019 / early 2020.
Gary Wang: So at the very end of 2019 or early 2020, I did a database query to check what Alameda's balances were at the time. When I checked, it was negative by more than what FTX's trading revenue was at the time.
Prosecutor: What was the implication of Alameda having a negative balance in excess of FTX's revenue?
Gary Wang: It means that Alameda was taking customers' money.
Prosecutor: What did the defendant (Sam Bankman-Fried) say?
Gary Wang: He asked me, when I was doing this calculation, if I was including the value of Alameda's FTT, which was held in a separate account. He asked me if I was also including that FTT.
Prosecutor: To break this down a little bit, you said Alameda's account was negative in excess of revenue. What was FTX's revenue at the time?
Gary Wang: It was around $150 million.
Prosecutor: What was Alameda's negative balance at the time?
Gary Wang: It was more than that. It was more than that. I think it was around 200 million.
Prosecutor: When you told the defendant that Alameda had a negative balance, what did he tell you to include in the balance calculation?
Gary Wang: He asked me to include the value of all of Alameda's accounts on FTX and include the value of the FTT that was in those accounts.