FTX Co-Founder Gary Wang Testimony Puts SBF in a Corner

SBF Prosecutors Put FTX Co-Founder Gary Wang on the Stand

Adam Yedidia, an SBF friend and former FTX employee, delivered testimony on Thursday. Asked for his reason for resigning, Yedidia stated,

“If Alameda took the money, it meant it did not have money of its own. It meant the money was simply gone.”

The AUSA also asked why his view changed about FTX, to which he replied,

“FTX defrauded its customers.”

However, asked whether he knew Alameda was spending the money from depositors, Yedidia said, “Not until the end.”

Gary Wang also gave testimony on Thursday.

Gary Wang is the former MIT roommate of SBF and the co-founder of FTX. The former crypto billionaire signed a plea agreement with the US DoJ in December 2022 on four counts, with a maximum statutory sentence of 50 years. Giving testimony shortly after Adam Yedidia, Gary Wang admitted to committing crimes at FTX, saying, “Yes, with Nishad Singh, Caroline Ellison, and Sam Bankman-Fried.”

Wang elaborated on the wire fraud charges, saying, “We allowed Alameda to withdraw unlimited funds.”

Gary Wang acknowledged that SBF directed him to write code to give Alameda Research unlimited access to FTX user accounts.

Nishad Singh and Caroline Ellison have also signed plea agreements with federal prosecutors.

While SBF listened to testimony in court, the Southern District Court of New York announced the seizure of two private jets owned by SBF.

Technical Analysis

Bitcoin Analysis

BTC held above the 50-day and 200-day EMAs, affirming bullish price signals. Significantly, the 50-day EMA moved away from the 200-day EMA, signaling a bullish trend.

A BTC move through the $28,187 resistance level would support a return to the Monday high of $28,593.

However, a break below the EMAs would bring the $26,755 support level into play.

BTC-spot ETF-related news and SEC v Coinbase (COIN) and Ripple case-related news need consideration.

The 14-Daily RSI reading of 57.57 supports a BTC move to the $28,187 resistance level before entering overbought territory.


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