Sam Bankman-Fried's trial to resume with testimony from ex-FTX executive

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Former FTX executive Gary Wang is set to retake the stand on Friday and continue testifying against his former roommate and boss, Sam Bankman-Fried, who stands accused of stealing billions of dollars from customers of the cryptocurrency exchange. Wang, 30, is one of three FTX insiders who have pleaded guilty to fraud charges and entered a cooperation agreement with the government. Wang testified on Thursday that while at FTX, he created software code at the direction of Bankman-Fried that gave 'special privileges' to Alameda, allowing it to withdraw unlimited funds.

NEW YORK - Former FTX executive Gary Wang is set to retake the stand on Friday and continue testifying against his former roommate and boss, Sam Bankman-Fried, who stands accused of stealing billions of dollars from customers of the cryptocurrency exchange.

Prosecutors have said those privileges were one of the main mechanisms that Bankman-Fried used to plunder customer assets, leading to the exchange's collapse in November 2022. Adam Yedidia, a former FTX computer programmer who reported to Wang, testified that he expressed concern to Bankman-Fried in mid-2022 after learning that Alameda had borrowed $8 billion from the exchange. He said Bankman-Fried appeared worried and told him the companies were "not bulletproof" as they had been the year before.

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FTX's Sam Bankman-Fried demanded special privileges for his hedge fund, fraud trial toldFTX founder Sam Bankman-Fried arrives at Manhattan federal court, Friday, Aug. 11, 2023, in New York. York. Bankman-Fried returned to New York City for a bail hearing Friday that could decide whether the fallen cryptocurrency wiz must go to jail while he awaits trial.
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