FTX co-founder Gary Wang testified in a New York trial that Sam Bankman-Fried, also a co-founder, authorized the illegal use of FTX customers' funds to cover losses at an affiliated hedge fund, Alameda Research. Prosecutors allege that Bankman-Fried stole billions of dollars to fund a lavish lifestyle and buy influence. Wang, who has pleaded guilty to fraud charges, also stated that Bankman-Fried ordered him to send FTX's remaining assets to Bahamian regulators after the exchange filed for bankruptcy. Bankman-Fried's lawyers claim that he was managing a liquidity crisis caused by the collapse in cryptocurrency prices and criticism from competitors.

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