According to Foresight News, Decrypt reported that FTX co-founder Gary Wang testified in court that SBF and its inner circle committed wire fraud, saying that SBF allowed Alameda Research to have a large credit line and execute orders faster on FTX, while being able to withdraw funds unlimitedly and allowing negative balances. Gary Wang said that by the time FTX collapsed, Alameda Research had withdrawn $8 billion from FTX and $65 billion from its credit line.
In addition, Gary Wang revealed that he had an annual salary of $200,000, held a 17% stake in FTX, and SBF owned "about 65%". SBF also held 90% of Alameda Research, while Gary Wang held 10%. During his tenure, he was allowed to withdraw $200,000 from the company to build houses and received up to $300 million in funds to invest in other startups. Gary Wang also said that SBF was responsible for public-facing duties such as lobbying and talking to the media, while his duties were limited to programming.
