FTX Co-Founder Testifies on Company's Inner Workings Amid Collapse
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FTX co-founder Gary Wang testified Alameda could withdraw unlimited funds from FTX and had drawn $65B on its line of credit.
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Wang said he earned $200k salary with 17% FTX equity while SBF owned 65% and 90% of Alameda.
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Wang handled coding while SBF did lobbying and media.
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VC firm Paradigm invested $278M in FTX/Alameda but wouldn't have if it knew funds would be siphoned off.
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Paradigm asked for FTX board seat and was told Alameda got no preferential treatment on FTX exchange.