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Gary Wang, co-founder of FTX, has acknowledged that the publicly-shown value of FTX's insurance fund was artificially inflated using Python code and random numbers. The admission comes after it was revealed that FTX used random numbers to generate the size of its insurance fund. The revelation raises concerns about the transparency and accuracy of FTX's reported value. Prosecutors have deemed SBF's Anthropic investment irrelevant for trial, while Binance, OKX, Paypal, and Bybit have made adjustments to comply with UK rules. A consultant safeguarded $500M of FTX's assets during a recent hack.
Here’s what’s poppin’: 🎭 Gary Wang claims inflated insurance fund stats. 🚫 Prosecutors deem SBF's Anthropic investment irrelevant for trial. 🏛️ Binance, OKX adjust for UK rules; Paypal, Bybit pause operations. 🛡️ Consultant safeguarded $500M of FTX's assets during hack. 📑 SBF… https://t.co/91etAtgCxq https://t.co/j3Wx2wakdx
In his testimony, FTX cofounder Gary Wang said the crypto exchange used an entirely fake number to make its insurance fund seem larger than it actually was. @rosieperper reports https://t.co/cE0CDUcfUO
FTX used random numbers to generate the size of its insurance fund https://t.co/u9ViD5nA3W
JUST IN: FTX calculated the size of the insurance fund using random numbers, according to the testimony of the co-founder of the exchange, Gary Wang.
Gary Wang Affirms FTX Insurance Fund Sum Was a Fake Number ► https://t.co/INPvsbiVnh https://t.co/INPvsbiVnh
ICYMI: FTX used random numbers to generate the size of its insurance fund https://t.co/MpeSJOssjp
FTX used random numbers to generate the size of its insurance fund https://t.co/6ByqTFVKIZ
Gary Wang, the co-founder of FTX and former CTO said that the publicly-shown value of FTX’s insurance fund was generated using Python code and random numbers. https://t.co/xd8wZvPlFh
JUST IN: FTX's public insurance fund size was fake. It was calculated by including a random number in the formula to artificially pump its reported value. 👀 https://t.co/6NTKNEW2vE