FTX Founder SBF Faces 110 Years for Fake Insurance Fund, Enabling Alameda Withdrawals, and Wire Fraud According to Insider Testimony

Gary Wang testified that FTX's advertised insurance fund balance was a fake number, not matching the actual funds held.

The fake insurance fund number was generated by multiplying a random number by daily trade volume then dividing by 1 billion.

Wang enabled unlimited withdrawals for Alameda Research using an "allow_negative" balance feature.

Wang alleges that SBF engaged in wire fraud along with close associates.

SBF faces up to 110 years in prison if found guilty on all charges including wire fraud and money laundering.