FTX co-founder Wang discusses plea deal, knowledge of financial concepts at SBF trial

In the final day of his testimony, FTX co-founder Wang discussed talking to the feds and his interpretation of the “FTX is fine” tweet.Day 6 of the trial of Sam Bankman-Fried saw the conclusion of former FTX chief technology officer Gary Wang’s testimony and the beginning of former Alameda Research CEO Caroline Ellison’s. Wang testified about his plea deal, among other things.

According to Inner City Press on X , Assistant United States Attorney Nicolas Roos asked Wang, “At your first meeting with the government, did you admit to committing crimes with the defendant?” Wang replied that he did.“To tell the truth or not get a 5K letter, or worse,” Wang replied.of the U.S. Sentencing Guidelines, which is the policy statement on “substantial assistance to authorities.

Wang testified that later he said that the tweet was true but misleading. It was not possible to liquidate the exchange’s FTT tokens, as a sale of that magnitude would cause the token’s price to fall, he said. Earlier, Bankman-Fried's defense attorney had asked Wang, “Do you know the difference between solvency and liquidity?” Wang responded that he did.

Source: Law Daily Report (lawdailyreport.net)

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