Former FTX chief technology officer, Gary Wang, has testified that the exchange used hidden Python code to misrepresent the value of its $100m insurance fund and that it never actually contained any of the exchange’s FTX tokens, as claimed. He also said that the fund was often insufficient to cover losses. Wang has pleaded guilty to charges brought against him but has now testified against FTX co-founder Sam Bankman-Fried, former FTX director of engineering Nishad Singh and former Alameda Research CEO Caroline Ellison, who have all been charged with wire fraud, commodities fraud and securities fraud.