FTX Accused of Manipulating Insurance Fund Data Using Python Code, Alleges Gary Wang

Cryptocurrency exchange FTX has been accused of employing concealed Python code to distort the reported value of its insurance fund—a reserve designed to safeguard users from substantial liquidation-related losses. These allegations have surfaced in the testimony provided by FTX co-founder Gary Wang.

In a highly incriminating deposition on October 6th, Gary Wang, formerly FTX’s Chief Technology Officer, asserted that FTX’s purported $100 million insurance fund in 2021 was, in fact, a fabrication. He further contended that the fund never contained any of the exchange’s FTX tokens (FTT), as previously stated.