According to The Block, FTX co-founder and former Chief Technology Officer (CTO) Gary Wang said in the criminal trial of former FTX CEO (CEO) Sam Bankman Fried (SBF), “In November of last year, customers were unable to withdraw their assets. To begin, SBF instructed me to calculate how much money would have to be deposited into FTX to avoid revealing Alameda Research's funds leak. However, the calculation results were rarely correct. “Subsequently, SBF asked me if I had included our Korean friend in the calculation, and only then was I able to get an overall overview,” he testified. He said, “When I asked former FTX engineering director Nishad Singh who the Korean friend SBF was referring to was, the reply was, ‘He’s referring to the $8 billion fiat@ hole.’ Nishad Singh also mentioned that 'in FTX's internal database, the fiat@ account balance is reassigned to a specific account (seoyuncharles88@).' He explained that this was a privilege granted to Alameda Research so that it would not have to pay interest on credit transactions. FTX acknowledged a $9 billion funding hole when it filed for bankruptcy, and recently announced that it had recovered $7 billion worth of liquid assets during the bankruptcy process.