FTX Co-Founder Gary Wang Avoids Prison Time Due to Cooperation Against SBF

FTX co-founder Gary Wang avoided prison time Wednesday, sentenced to time served and three years of supervised release for his role in the crypto exchange’s collapse.“You did the right thing,” U.S. District Judge Lewis Kaplan told Wang, according to a Wang, who met FTX co-founder and former CEO Sam Bankman-Fried at a math camp in high school, served as a key witness in Bankman-Fried’s criminal case. Just over a year ago, Wang testified about how billions of dollars in customer funds were siphoned from the exchange by FTX’s sister trading firm, Alameda Research, using a virtually Judge Kaplan: You did the right thing for yourself, and the right thing for the country. If this wasn’t the biggest financial fraud in US history, it was certainly among the biggest 2 or 3. It is the judgment of this court that you be committed to time served— Inner City Press (@innercitypress) November 20, 2024At the same time, Wang revealed changes to FTX’s codebase that gave Alameda special privileges, such as an “Alongside Alameda’s ex-CEO Caroline Ellison, Wang On Tuesday, Assistant United States Attorney Nicolas Roos described Wang’s cooperation as pivotal. Calling Wang one of the easiest cooperators that he’s ever worked with, Roos said that Wang also created an impressive tool for detecting fraud at FTX, per Bankman-Fried was Wang is the final member of Bankman-Fried’s inner circle to face Judge Kaplan for sentencing. In September, Ellison received a Throughout the sentencing of Bankman-Fried’s inner circle, cooperation with prosecutors was weighed by Judge Kaplan as a significant factor. Meanwhile, Ryan Salame, co-CEO of FTX Digital Markets, who never testified, was According to “I am deeply sorry to all the customers and investors in FTX who trusted us,” he said. “There are so many things I could have done.”Edited by Andrew Hayward