FTX's co-founder Gary Wang has testified that the crypto exchange used hidden Python code to misrepresent the value of its insurance fund, which was meant to prevent user losses during large liquidation events. Wang revealed that FTX's $100 million insurance fund in 2021 was fabricated and never contained any FTX tokens (FTT) as claimed. Instead, the figure shown to the public was calculated by multiplying the daily trading volume of the FTX Token by a random number close to 7,500. Wang's testimony also exposed the fund's insufficiency to cover user losses in certain situations.