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FTX used Python code to fake its insurance fund figure: Gary Wang By Cointelegraph - Modern Digital India
Friday, May 29, 2026
International Investments

FTX used Python code to fake its insurance fund figure: Gary Wang By Cointelegraph

By Isabella Margaret
FTX used Python code to fake its insurance fund figure: Gary Wang By Cointelegraph
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Crypto exchange FTX used hidden Python code to misrepresent the value of its insurance fund — a pool of funds meant to prevent user losses during huge liquidation events — according to testimony from FTX co-founder Gary Wang.

In a damning new testimony on Oct. 6, FTX’s former chief technology officer, Gary Wang, said that FTX’s so-called $100 million insurance fund in 2021 was actually fabricated, and also never actually contained any of the exchanges’ FTX tokens (FTT) as claimed.