FTX Executive: Sam Bankman-Fried Misused Billions in Customer Funds

Gary Wang, a former FTX executive, testified that Sam Bankman-Fried directed the misuse of billions in customer funds.

Wang said Bankman-Fried was aware that sister firm Alameda Research had siphoned off $8 billion from FTX.

Wang claims he helped create a secret backdoor allowing Alameda unlimited withdrawals from FTX.

Wang is cooperating with prosecutors after pleading guilty to fraud charges.

Wang said Bankman-Fried pushed FTX losses onto Alameda to make FTX finances look better.