FTX Founder, Gary Wang, Witness In Sam Bankman-Fried Trial

Gary Wang was present at the Sam Bankman-Fried trial to testify. (Photo; Doc. MarketWatch)

JAKARTA - On the third day of the Sam Bankman-Fried trial, one of the inactive FTX founders, Gary Wang, testified importantly regarding the FTX bankruptcy case.

Wang revealed that he, along with Bankman-Fried and several other executives, knew and lied about the large amount of withdrawals from Alameda Research.

According to Wang, they engage in fraudulent activities, including granting privileges to Bankman-Fried's hedge fund Alameda Research which allows them to withdraw unlimited funds from FTX.

This statement is very burdensome, as Wang also claims that they deliberately lied about this activity that rocked FTX's ethics and transparency.

In addition to Wang's testimony, Matt Huang of Paradigm, a cryptocurrency investment firm, also gave a surprising testimony. He revealed that Paradigm had invested about 278 million US dollars (Rp4.3 trillion) in FTX.

When asked about the current equity valuation of FTX Paradigm, he answered with zero dollars. The Paradigm founder also described Bankman-Fried as CEO of FTX in charge of all aspects of business operations.

Adam Yedidia's testimony, a former ally of Bankman-Fried, also revealed circumstances in FTX, including bugs in the code Alameda Research and the luxurious lifestyle enjoyed by some individuals in it.