FTX Co-Founder Exposes Bankman-Fried's Lies and Misuse of Customer Funds That Led to $14B Losses and Bankruptcy
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FTX co-founder Gary Wang testified Sam Bankman-Fried authorized illegal use of customer funds for Alameda hedge fund from the start.
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Losses at Alameda became too big to hide; FTX was not fine as Bankman-Fried claimed.
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Alameda had unlimited withdrawal capability and billions in credit lines from FTX from the beginning.
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Alameda losses reached $14B before FTX bankruptcy; Bankman-Fried tried sending assets to Bahamas regulators.
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Wang contacted FBI to avoid long prison sentence; Bankman-Fried lawyers claim FTX team failed to manage risks.
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