What was the total amount of customer funds stolen by Sam Bankman-Fried?

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US$8 Billion in Customer Funds Was Stolen by Sam Bankman-Fried

US prosecutors were able to bring charges against FTX founder Sam Bankman-Fried swiftly following the cryptocurrency exchange's collapse due to the crucial cooperation of its former Chief Technology Officer, Gary Wang. Wang's assistance was instrumental in helping investigators comprehend the mechanism through which Bankman-Fried illicitly obtained US$8 billion in customer funds. This cooperation significantly accelerated the investigation, which would have otherwise required considerable time for a software expert to uncover.
Cooperation of Former FTX CTO Gary Wang

Gary Wang, who served as the Chief Technology Officer at FTX, played a pivotal role in the investigation into Sam Bankman-Fried's alleged fraud. Wang testified that Bankman-Fried had instructed him to alter the FTX software code. This modification was specifically designed to enable Alameda, Bankman-Fried's hedge fund, to withdraw an unlimited amount of funds from the exchange. Wang provided prosecutors with code from his laptop shortly after FTX filed for bankruptcy, offering direct evidence of the manipulated software.
Accelerated Investigation Timeline

Assistant US Attorney Thane Rehn stated that without Wang's cooperation, the investigation into the stolen funds would likely have taken weeks, if not months. Wang's willingness to assist investigators immediately after the exchange's collapse allowed prosecutors to move with exceptional speed. This swift action led to Bankman-Fried's arrest in December 2022, just one month after FTX's implosion and subsequent bankruptcy proceedings.
Significance of Cooperating Witnesses

The prosecution's case heavily relied on three key cooperating witnesses: Gary Wang, former FTX engineering chief Nishad Singh, and Caroline Ellison, the former CEO of Alameda Research. Each of these individuals pleaded guilty to fraud and testified against Bankman-Fried during his month-long trial. Their testimonies and cooperation were essential in establishing the fraudulent activities and ultimately securing Bankman-Fried's conviction on seven counts of fraud and conspiracy.

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What was the total amount of customer funds stolen by Sam Bankman-Fried?

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