FTX and Alameda Research co-founder Gary Wang testified in the fraud trial against former crypto tycoon Sam Bankman-Fried.
As a result of today’s testimony, I am both more and less confused. I am clearer on what probably happened at FTX. What I don’t understand is why Gary Wang did it. Wang was the co-founder and chief technology officer of FTX, as well as the co-founder of Alameda Research. He owned only 10 percent of Alameda and 17 percent of FTX. He got a $200,000 a year salary, with no performance bonuses. By contrast, Bankman-Fried owned 90 percent of Alameda and 65 percent of FTX.
'Alameda also allegedly kept FTX from looking bad by assuming some of its losses.' The amount that Alameda was allowed to go negative began to creep up. Around 2019 or 2020, Wang checked the database and discovered that Alameda was negative by about $200 million, which was more than the $150 million FTX made in revenue. That had to mean Alameda was taking customer money.
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