Former FTX CTO Gary Wang admitted to committing crimes at FTX along with Nishad Singh, Caroline Ellison and Sam Bankman-Fried. Wang confirmed that there was a wire scam allowing Alameda to withdraw unlimited funds. He also indicated that all disputes were resolved in accordance with Bankman-Fried's wishes. FTX made its money from trading commissions, and the name of sister platform Alameda Research was chosen because Bankman-Fried thought it would be easier to set up a bank account.