FTX co-founder: SBF once allowed Alameda to withdraw unlimited funds

ChainCatcher news, according to Decrypt, FTX co-founder Gary Wang testified in court on Thursday that SBF had allowed Alameda to withdraw funds without limit. Alameda had a large credit line to execute orders more quickly on the FTX platform and could withdraw funds without limit.

Gary Wang stated that at the time of FTX's collapse, Alameda had already withdrawn $8 billion from the platform and had withdrawn $65 billion from its credit line.

Gary Wang also mentioned that his personal annual salary was $200,000, and he held a 17% stake in FTX. SBF owned "about 65%" of the company's shares. Meanwhile, SBF held 90% of Alameda Research, while he only held 10% of the shares. During his time at FTX, he was allowed to withdraw $200,000 from the company to buy a house and received up to $300 million in funding to invest in other startups. Gary Wang also stated that SBF was responsible for public-facing roles such as lobbying and talking to the media, while his responsibilities were limited to coding.