FTX co-founder Gary Wang took the stand in the high-profile trial, revealing allegations that shocked the entire cryptocurrency community. The head of a defunct cryptocurrency exchange allegedly misappropriated at least $10 billion in customer and investor funds, an assistant U.S. attorney claims. Wang's testimony delves into the allegations. He pleaded guilty to wire fraud, commodities fraud and securities fraud, revealing that FTX had been siphoning off customer funds in the last three years, and Alameda's debt to FTX had risen from less than $100 million to $8 billion. Another former colleague also confirmed the situation, noting that Bankman-Fried had worried that FTX's loan to Alameda could lead to an $8 billion deficit. Wang also said customer funds are not allowed to be used or spent. Bankman-Fried explained that FTX’s financial records are public, while Alameda’s financial records are not visible to investors.