Gary Wang, the enigmatic co-founder and chief technology officer of the defunct cryptocurrency exchange FTX, provided an incriminating testimony during the ongoing criminal trial of Sam Bankman-Fried, marking the trial’s third day.

Wang revealed in a shocking new statement that FTX’s purported $100 million insurance fund for 2021 was a fabrication and never held any of the exchanges’ FTX tokens (FTT) as stated.

Wang’s testimony is consistent with the views held by the cryptocurrency community, which has discovered proof of software code allegedly used by FTX to manipulate its insurance fund and deceive the public about its true values.

Gary Wang: The Damning Testimony

BitMex Research recently tweeted a screenshot purporting to show the FTX database code in dispute. According to …