FTX Co-Founder Exposes Bankman-Fried's Lies and Misuse of Customer Funds That Led to $14B Losses and Bankruptcy

FTX co-founder Gary Wang testified Sam Bankman-Fried authorized illegal use of customer funds for Alameda hedge fund from the start.

Losses at Alameda became too big to hide; FTX was not fine as Bankman-Fried claimed.

Alameda had unlimited withdrawal capability and billions in credit lines from FTX from the beginning.

Alameda losses reached $14B before FTX bankruptcy; Bankman-Fried tried sending assets to Bahamas regulators.

Wang contacted FBI to avoid long prison sentence; Bankman-Fried lawyers claim FTX team failed to manage risks.