FTX co-founder broke the news: SBF allows Alameda to withdraw funds unlimitedly! 😮
Recently, FTX co-founder Gary Wang revealed shocking insider information when testifying in court, saying that FTX founder SBF allowed Alameda to withdraw funds unlimitedly! It is reported that Alameda enjoys a large credit limit on the FTX platform for faster execution of orders and unlimited withdrawal of funds. According to Gary Wang, Alameda had withdrawn $8 billion from the platform and $65 billion from its credit line when FTX collapsed.
At the same time, Gary Wang also revealed the equity distribution of himself and SBF in FTX and Alameda. He said that he has an annual salary of US$200,000 and holds 17% of FTX, while SBF owns "approximately 65%" of the company's shares. In Alameda Research, SBF holds 90% of the shares, while Gary Wang only holds 10%.
In addition, Gary Wang also said that during his tenure at FTX, he was allowed to withdraw $200,000 from the company to build a house and received up to $300 million in funds to invest in other startups. He also revealed that SBF is mainly responsible for public-facing duties such as lobbying and talking to the media, while his responsibilities are limited to coding.
This revelation undoubtedly brought huge controversy to FTX and Alameda. What do you think about this? Welcome to speak freely in the comment area and discuss together!
Recently, FTX co-founder Gary Wang revealed shocking insider information when testifying in court, saying that FTX founder SBF allowed Alameda to withdraw funds unlimitedly! It is reported that Alameda enjoys a large credit limit on the FTX platform for faster execution of orders and unlimited withdrawal of funds. According to Gary Wang, Alameda had withdrawn $8 billion from the platform and $65 billion from its credit line when FTX collapsed.
At the same time, Gary Wang also revealed the equity distribution of himself and SBF in FTX and Alameda. He said that he has an annual salary of US$200,000 and holds 17% of FTX, while SBF owns "approximately 65%" of the company's shares. In Alameda Research, SBF holds 90% of the shares, while Gary Wang only holds 10%.
In addition, Gary Wang also said that during his tenure at FTX, he was allowed to withdraw $200,000 from the company to build a house and received up to $300 million in funds to invest in other startups. He also revealed that SBF is mainly responsible for public-facing duties such as lobbying and talking to the media, while his responsibilities are limited to coding.
This revelation undoubtedly brought huge controversy to FTX and Alameda. What do you think about this? Welcome to speak freely in the comment area and discuss together!