Gary Wang, co-founder and chief technology officer of FTX, testified in court on Thursday: SBF and the core team committed wire transfer fraud.

Former FTX Chief Technology Officer: Alameda can withdraw money from FTX unlimitedly

Chief Technology Officer Gary Wang testified in court that Alameda Research, a trading company founded by SBF, could access FTX’s customer deposits from FTX. Previously, Gary Wang had confessed to the police.

Gary Wang said that Alameda has a large quota that allows faster execution of orders on FTX and unlimited withdrawals.

Alameda can also have a negative balance. Until FTX's collapse, Alameda had withdrawn $8 billion from FTX, using its credit lines to the tune of $65 billion.

Gary Wang: What makes Alameda different from other market makers?

Gary Wang said Alameda’s debt level sets it apart from other market makers on FTX. Other market makers usually only have millions or tens of millions of quotas, not billions.

Gary Wang: I am a billionaire

The lawyer asked Gary Wang in court how much his annual salary was, and Gary Wang said it was US$200,000. However, he owns 17% of FTX shares, while SBF owns 65%.

Lawyer: So you are a billionaire?

Gary Wang：Yes.

FTX also gave him $200,000 to spend on housing and up to $300 million to invest in other startups.

Gary Wang: I am only responsible for writing programs and I listen to SBF.

Gary Wang said that he is only responsible for programming. SBF will accept media interviews, lobby, and talk to investors. If they have different opinions, they will only listen to SBF.

(The above is part of the trial held in the US court on Thursday)

This article, FTX’s former technical chief appeared in court: SBF conspired with the core team to defraud, Alameda can withdraw unlimited funds from FTX, first appeared on Chain News ABMedia.