FTX Co-Founder Admits to Fraud Under Direction of Sam Bankman-Fried, Giving Alameda Secret Advantages

Gary Wang, FTX co-founder, admitted to committing wire fraud, securities fraud and commodities fraud under Sam Bankman-Fried's direction.

Wang testified that FTX gave special advantages to Alameda Research not disclosed to customers/investors.

Alameda had a $65 billion line of credit on FTX to make unlimited withdrawals.

Adam Yedidia asked SBF about an $8 billion Alameda liability, and SBF said they were not "bulletproof" anymore.

Yedidia stood by SBF until learning Alameda used FTX customer deposits to pay creditors.