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The Journal.

The Trial of Crypto’s Golden Boy: The First Key Witness

The Journal.

The Wall Street Journal

Business News, Daily News, News

4.25.8K Ratings

🗓️ 7 October 2023

⏱️ 12 minutes

🧾️ Download transcript

Summary

Gary Wang, FTX’s former chief technology officer, took the stand in the government’s case against Sam Bankman-Fried. Producer Rachel Humphreys and WSJ’s Caitlin Ostroff discuss what Wang says he knows about the secret code that allowed Alameda Research to borrow billions of dollars of customer money from FTX. Further Reading: - What’s Happening Today at the Sam Bankman-Fried Trial Further Listening: - The Trial of Crypto’s Golden Boy Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Katelyn, it is the end of the first week of Sandbite when Freed's trial. It has been

0:13.0

a week of incredibly early mornings, and then hours spent on uncomfortable court

0:20.1

and benches. But we have a jury in this case now, and we have heard opening arguments

0:27.1

from the prosecution and defense. And now we're hearing from witnesses. We've had several

0:32.3

witnesses already. And right now, on the stand, we have a key witness, a star witness.

0:36.8

Yes. Right now, we are hearing from Gary Wong. And Wong has known Sandbite and Freed

0:43.2

for years. They co-founded companies together. They became billionaires together. But now

0:48.8

Wong has pleaded guilty and is cooperating with the government. And Bankman Freed has

0:53.8

pleaded not guilty. So they found themselves in very different parts of the courtroom. And

1:01.0

Wong's testimony has been explosive. He's revealed just how big the mess really was at

1:07.8

FTX Nalamida. Yeah, and we still haven't heard much from the defense's class examination.

1:15.1

Wong has said a lot, and a lot of it has surprised me.

1:23.8

From the journal, this is the trial of crypto's golden boy. I'm Rachel Humphries, and I'm

1:28.8

Kate Anastroff. Coming up, the first key witness.

1:59.5

So Kate and we are in the midst now of witnesses at the stage of the trial. What would you say the

2:06.4

jury is listening for from these witnesses? So remember, the jury is tasked with deciding whether

2:12.6

Bankman Freed is guilty or not guilty of charges that the government has brought against him,

2:17.6

including fraud and conspiracy. And so it's their job to sit there, listen to all of the witnesses,

2:24.2

look at all of the evidence, and eventually decide whether Bankman Freed is guilty

2:30.4

beyond a reasonable doubt or not guilty. And they're starting to hear from witnesses this week.

2:36.8

We've heard from a person who invested on FTX. And we heard from a former FTX employee. And so

2:46.4

we're starting to hear from people who had some interaction with FTX and Bankman Freed.

...

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