Former FTX co-founder Gary Wang receives time served and supervised release, with forfeiture of $11 billion.
Judgment Delivered
Gary Wang, co-founder of the collapsed crypto exchange FTX, was sentenced to time served and three years of supervised release for his role in the company’s multibillion-dollar fraud. Despite pleading guilty to four charges, including conspiracy to commit wire and securities fraud, Wang’s extensive cooperation with authorities significantly influenced his lenient sentence. The court also ordered him to forfeit $11 billion.
Cooperation and Redemption
Prosecutors and defense attorneys highlighted Wang’s early and pivotal cooperation. Assistant U.S. Attorney Nicolas Roos credited Wang for unraveling critical aspects of the case, including decoding complex FTX systems used to misappropriate customer funds. Wang has since applied his programming expertise to tools that detect fraud in cryptocurrency and stock markets, further aiding governmental efforts.
I took the easy path, the cowardly path, instead of doing the right thing. I will spend the rest of my life trying to make amends.
FTX Scandal Sentencing Summary
Wang’s sentencing follows a series of judgments against key FTX figures:
- Sam Bankman-Fried, sentenced to 25 years in prison.
- Caroline Ellison, former Alameda CEO, sentenced to two years.
- Ryan Salame, received seven and a half years.
Judge Lewis Kaplan, who oversaw all these proceedings, acknowledged Wang’s unique contributions, stating, “You’re entitled to a lot of credit.”
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