Defense seeks answers on loans to FTX co-founder, Gary Wang

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Defense seeks answers on loans to FTX co-founder, Gary Wang

The FTX co-founder, Gary Wang, is expected to be charged in the ongoing trial of Sam Bankman-Fried.

They are seeking answers about whether legal advice played a role in Wang's acceptance of loans from the collapsed crypto exchange's sister fund Alameda Research.

The defense's motion, filed October 9, comes as the trial enters its second week and follows previous limitations on Bankman-Fried's ability to attribute the alleged fraud to his lawyers.

In the trial, prosecutors have also asked questions into the loans that Wang received from Alameda Research. In addition, Wang used these funds to buy a house in the Bahamas.

The defense wants to know which attorneys were involved and the extent of their involvement in the loans.

The two also want to know the exact terms of Wong's loans, as well as whether the FTX co-founder had any concerns about the loans at the time he signed them.

Bankman-Fried's legal counsel also indicated that it might introduce promissory notes that recorded the loans made to Wang.

Wang and Stockman-Fried have been friends since high school and together established FTX. In contrast to Bankman-Fried, Wang maintained a lower public profile compared to Bankman-Fried during the crypto exchange's years of activity.

In contrast to Bankman-Fried, Wang and Alameda's former CEO, Caroline Ellison, pleaded guilty to federal charges including money laundering, wire fraud, securities fraud, and campaign finance violations.

Wang is expected to complete his testimony later today, and he is expected to be followed by Caroline Ellison in the case.