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Gary

Coin

<ul class="news-points">
 <li><strong>Former FTX CTO exposed fraudulent insurance fund claims during SBF’s trial.</strong></li>
 <li><strong>It includes allegations of fabricated numbers and deception in FTX’s financial reporting.</strong></li>
 <li><strong>SBF was accused of encouraging customer withdrawals to mask financial turmoil.</strong></li>
</ul>
<p>On the fourth day of the <a href="https://coinedition.com/juror-reveals-ties-to-ftx-linked-law-firm-during-sbf-trial-selection/" rel="noopener noreferrer nofollow">trial involving FTX</a> founder Sam Bankman-Fried (SBF), FTX’s former Chief Technology Officer, Gary Wang, delivered a bombshell testimony that sent shockwaves through the crypto world. Parts of Wang’s revelations centered around the alleged fraudulent nature of FTX’s published insurance fund balance.</p>
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   <p lang="en" dir="ltr">Another crazy revelation from the SBF trial – The "FTX insurance fund" and generated by a random number generator <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f92f.png" alt="🤯" class="wp-smiley" style="height: 1em; max-height: 1em;"><br><br>The real definition of "Magic internet money" <a href="https://t.co/gm5SbWBcLq" target="_blank" rel="noopener noreferrer nofollow">https://t.co/gm5SbWBcLq</a></p>— Coin Bureau (@coinbureau) <a href="https://twitter.com/coinbureau/status/1710506019804139873?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">October 7, 2023</a>
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<p>Under intense questioning, Wang admitted that the published insurance fund number on FTX’s platform was inaccurate and completely fabricated. When asked about the size of the backstop fund listed in a tweet, Wang revealed that it was purportedly $5.5 million and $5 million FTT (the native asset of FTX). However, he unequivocally stated that this number was a sham.</p>
<p>Fu…</p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://coinedition.com/sbf-lieutenant-testifies-on-ftx-fabricated-insurance-fund-balance/">SBF Lieutenant Testifies on FTX Fabricated Insurance Fund Balance</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinedition.com">Coin Edition</a>.</p>

SBF Lieutenant Testifies on FTX Fabricated Insurance Fund Balance

Coin Edition

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