Sam Bankman-Fried listens as Assistant U.S. Attorney Nicolas Roos questions Gary Wang during Bankman-Fried's fraud trial over the collapse of FTX, the bankrupt cryptocurrency exchange, at Federal Court in New York City, U.S., October 6, 2023, in this courtroom sketch. REUTERS/Jane Rosenberg
Gary Wang, FTX's former chief technology officer, said a feature letting the fund, Alameda Research, run a negative balance on the exchange was one of the fund's special privileges that were not disclosed to the public and ultimately let it withdraw US$8 billion in FTX customer funds by the time of the exchange's November 2022 bankruptcy.
Bankman-Fried has pleaded not guilty to two counts of fraud and five counts of conspiracy. His lawyer said during opening statements on Wednesday that FTX was a startup, and that Alameda was not just an ordinary customer on the exchange but a market maker, which generated supply and demand in the exchange's early days.
Wang testified that when Alameda's account went below zero, that meant it was taking money from other FTX customers.
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