[FTX Lianchuang Gary Wang testified: FTX once hid $8 billion in liabilities] According to BlockBeats, FTX Lianchuang Gary Wang testified in the SBF trial that in November 2022, FTX’s customer balances and assets held in hot wallets Equal, with one important exception: a hidden $8 billion liability called "fiat@". As clients begin withdrawing assets from FTX in November 2022, SBF asked Gary Wang to calculate how much Alameda Research would need to deposit on the exchange to cover outflows. Wang said that excluding Alameda Research’s account, the sum of FTX customer balances matches the assets in FTX hot wallets. But, unbeknownst to him, there was a problem with his calculations. He testified that he was given the full picture only when the SBF asked him whether he had included "our Korean friends" in the calculations. Confused, Wang asked Nishad Singh, another former FTX executive, for confirmation. Singh told Wang that the "Korean friend" was actually referring to the $8 billion "fiat@" vulnerability at the heart of FTX's collapse. The fiat@ account balance in FTX's internal database has been reassigned to an account named "seoyuncharles88@gmail.com" which has been granted special privileges so that Alameda Research does not have to pay interest on the credit line. Wang also confirmed that SBF knew that FTX’s financials were more transparent to the public and investors, while Alameda’s financials were not. 😯What do you think about this? Feel free to speak freely in the comment area!