
Paraphrased Text: Zixiao Wang, the former chief technology officer at FTX, testified during the trial of Sam Bankman-Fried, the ex-CEO of the bankrupt crypto exchange. Wang admitted to signing for loans worth hundreds of millions of dollars, which he claimed were directed by Bankman-Fried. The loans were taken from Alameda Research, a crypto hedge fund owned by Bankman-Fried. Wang could not recall the specific purposes of most of the loans, except for some funds allocated for the acquisition of LedgerX. The interest payments on the loans became overwhelming, leading Wang to take out an additional $1 million loan to cover those costs. Discussions on these loans also aimed to highlight the allegedly risky advice provided by FTX's legal counsel, Can Sun and Dan Friedberg. Wang testified that both lawyers instructed him to sign the promissory notes. Wang's testimony also shed light on the events leading up to FTX's bankruptcy filing and his subsequent cooperation with the government.