Talking 5 days after Bankman-Fried was sentenced to 25 years in jail, Assistant U.S. Lawyer Thane Rehn stated former FTX Chief Know-how Officer Gary Wang’s help was key to serving to investigators perceive how Bankman-Fried stole $8 billion in buyer funds.
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“With out that, would now we have discovered it? Most likely,” Rehn stated at a dialogue hosted by legislation agency Wilson Sonsini. “However it might have taken a software program skilled weeks and even months.”
Jurors in Manhattan discovered Bankman-Fried, 32, responsible final November on seven counts of fraud and conspiracy, in what prosecutors termed one of many largest monetary frauds in U.S. historical past.
Bankman-Fried is anticipated to enchantment his conviction, after testifying that he made errors in managing threat however by no means supposed to steal funds. He had been arrested in December 2022, only one month after FTX’s collapse and chapter.
Rehn’s feedback highlighted the significance of the federal government’s three primary cooperating witnesses – Wang, former FTX engineering chief Nishad Singh, and Caroline Ellison, the previous chief govt of Bankman-Fried’s Alameda Analysis hedge fund. Every pleaded responsible to fraud and testified towards their former boss at his month-long trial.
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In his testimony, Wang stated Bankman-Fried requested him to alter FTX software program code to let Alameda withdraw limitless funds from the change. Rehn stated Wang confirmed prosecutors code from his laptop computer shortly after FTX collapsed.
“This case moved at lightning pace,” US Lawyer Damian Williams instructed reporters after Bankman-Fried’s conviction.
Prosecutors are anticipated to advocate that the trial decide, US District Choose Lewis Kaplan, take Wang’s, Singh’s and Ellison’s cooperating under consideration when sentencing them.
Wang testified that he hopes to keep away from jail. His lawyer, Ilan Graff, declined to remark.
