Sam Bankman-Fried was not surprised by $8bn FTX shortfall, key witness says
The Guardian says Sam Bankman-Fried was not surprised to discover a huge $8bn shortfall in the days before the collapse of FTX, his now bankrupt cryptocurrency exchange, according to testimony from his former business partner.
The testimony came from Gary Wang, the co-founder of FTX, during his second day on the witness stand in Bankman-Fried’s fraud trial. Bankman-Fried is facing seven counts of conspiracy and fraud over the dramatic collapse of FTX and its associated hedge fund, Alameda Research.
Wang, who started Alameda with Bankman-Fried in 2017 and co-founded FTX in 2019, told a New York City jury that Bankman-Fried was unfazed when Wang ran the numbers and uncovered the startling deficit.