“FTX was not fine. Assets were not fine.”
That’s from Gary Wang, the previous co-founder and chief expertise officer who returned to the stand on Friday for the trial towards Sam Bankman-Fried.
FTX’s collapse final November was, partially, publicized by former CEO Bankman-Fried’s personal tweets. Considered one of his most notorious — and since deleted — messages was issued lower than every week earlier than FTX declared chapter. The message: “FTX is fine. Assets are fine.”
Wang advised the court docket at present that the substance of the tweet was false. An $8 billion gap existed on the coronary heart of FTX’s stability sheet, with sister firm Alameda Analysis on the hook for the mortgage. Bankman-Fried, in accordance with Wang, was properly conscious of this debt when he tweeted.
Wang additional testified that some buyer belongings had been additionally merely “lost” whereas different funds had been spent on investments.
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