Odaily News FTX Lianchuang Gary Wang testified in the SBF trial that in November 2022, FTX’s customer balances were equal to the assets held in the hot wallet, with one important exception: a hidden 80 named “fiat@” Billions of dollars in liabilities. As clients begin withdrawing assets from FTX in November 2022, SBF asked Gary Wang to calculate how much Alameda Research would need to deposit on the exchange to cover outflows. Wang, who testified under direct examination by government prosecutors on the fourth day of last weeks SBF trial, said that excluding Alameda Researchs account, the sum of FTX customer balances matched the assets in FTX hot wallets. But, unbeknownst to him, there was a problem with his calculations. He testified that he was only given the full picture when the SBF asked him whether he had included our Korean friends in the calculations. Confused, Wang checked with another former FTX executive, Nishad Singh, who told Wang that the Korean friends were actually referring to the $8 billion fiat@ vulnerability at the heart of FTXs collapse. The fiat@ account balance in FTXs internal database has been reassigned to an account named seoyuncharles88@gmail.com which has been granted special privileges so that Alameda Research does not have to pay interest on the credit line. Wang also confirmed that SBF knew that FTX’s financials were more transparent to the public and investors, while Alameda’s financials were not. (The Block)