FTX’s Controversial Code Alteration

The recent revelations by FTX co-founder Gary Wang have sent shockwaves throughout the crypto community, shedding light on the underbelly of exchange operations and igniting debates about transparency and trust.

During Gary Wang’s testimony at the Sam Bankman-Fried (SBF) trial, Wang shared his first-hand account, detailing how he allegedly altered the FTX code under the guidance of Bankman-Fried.

These alterations, spanning from 2019 to 2022, enabled Alameda Research—an affiliated hedge fund—to borrow infinite amounts from unsuspecting FTX customers.

Unveiling Alameda’s Deficit with FTX

Wang’s revelations didn’t end with the code modifications. Wang also stated he found out in 2021 that Alameda was running a staggering $200 million deficit with FTX. The revelation, which took him aback, was promptly shared with Bankman-Fried, adding more depth to the controversy.

FTX co-founder Gary Wang revealed meticulous details on how he and Bankman-Fried allegedly implemented a multibillion-dollar fraud scheme, resulting in the exchange’s downfall.https://t.co/I5qGWl3mRK

— Bitcoin News (@BitcoinNewsCom) October 8, 2023

Wang stands as one of the three principal witnesses shedding light on the scandal. Accompanying him are Caroline Ellison and Nishad Singh.

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