FTX Co-Founder ‘Gary Wang’ Wins 3 Years Supervised Release

FTX Gary Wang FTX Gary Wang

During the latest hearing, FTX co-founder and close colleague of Sam Bankman Fried, Gary Wang has been dodged jail time and released from confinement under supervision for three years. 

Gary Wang, a former FTX executive, avoided prison after helping in the conviction of founder Sam Bankman-Fried (SBF). Even after he pleaded guilty to FTX fraud, Wang’s cooperation with the court and case win him a lenient sentence. 

Judge Spares Gary Wang For Cooperation In FTX Case

Judge Lewis A. Kaplan ruled out against Wang’s prison time, saying that he deserved a “world of credit” for the extent of his cooperation. Judge Kaplan said, “You immediately did the right thing”. The decision comes after Wang’s crucial role in exposing the misuse of $8 billion in customer funds at the collapsed cryptocurrency exchange.

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He agreed to cooperate with prosecutors with his knowledge about the illicit operation of FTX and testified for the government at the 2023 trial of Mr. Bankman-Fried.

The judgment is the latest development in the FTX case, in which many key figures were sent behind bars including Sam Bankman-Fried. Wang’s cooperation with authorities has been commendable during the entire case. This includes developing tools to detect market fraud, which played a significant role in his sentencing outcome.

On March 28, 2024, Mr. Bankman-Fried was found guilty of seven counts of fraud, conspiracy and money laundering. For this misconduct, He was sentenced to 25 years in prison.

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