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FTX cofounder Gary Wang said that the money held in the insurance fund did not contemplate reality.
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The statement was made in the ongoing trial of Sam Bankman-Fried.
FTX cofounder Gary Wang said that the real insurance fund balance was lower than the amount displayed on the platform’s website. He gave evidence that the exchange used the random number, nearly 7500 multiplied by the platform’s daily volume and then divided by one Billion to decide the amount of cash added to the fund. However, the real amount was different and lower than what was shown on the website.
He also confirmed that the displayed number did not match the real number in the data and the real insurance fund balance was lower than what was shown to the public. The prosecutor, Nicolas Roos questioned whether the number has to do anything with the actual number in the insurance fund. To this, Wang replied “No.”
Gary Wang: Insurance Funds Displayed Were Fabricated
In the Octo
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